In June, the Valencia Containerised Freight Index (VCFI) experienced a slight decline amidst a maritime sector influenced by geopolitical conditions, yet showing signs of global economic improvement.
The index, which reflects export prices recorded by Spain’s Port of València across 13 global regions, fell to 1,585.67 points, a 1.30% monthly decrease but a 27.8% increase since the year’s start.
The index’s value changes were uneven across the timeline and regions. The most significant drops occurred in the United States and Canada (-23.45%), the Far East (-13.82%), and the East Coast of Africa (-6.11%). Conversely, the Middle East saw an increase of 21.08%, and the Eastern Mediterranean rose by 15.37%.
The VCFI Commentary for the sixth month of the year notes that the World Bank’s June 2024 ‘Global Economic Prospects’ report, “sees an improving global economy stabilizing after several years of overlapping negative shocks, and despite geopolitical tensions and high interest rates. With this, global growth is projected to remain stable at 2.6% in 2024.”
On the other hand, the Commentary further notes that, in recent weeks, there has been a marked increase in demand for container shipments. According to the latest reading of the RWI/ISL Container Throughput Index, “an increase in port traffic has been observed compared to the preceding month. This increase in global container traffic is evidence of a further recovery in world trade in the second quarter, which should particularly support the economic recovery in Europe.”
Specifically, the Western Mediterranean sub-index decreased by 3.67% from the previous month, bringing it to 1,838.17 points.
Regarding Valenciaport, the latest data shows an increase in exports to Morocco and a significant drop in cargo to Tunisia, along with a slight rise in activities related to Algeria.
In the Far East, the index decreased by 13.82%, reaching 2,032.45 points. This drop is due to reduced container traffic in China, reflecting lower throughput and demand in the region.
