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By Douglas K at 03:07PM ET | July 29, 2021
Australia has been embroiled in a trade war with their largest trading partner, China. In 2020, Australia joined other nations demanding an investigation into the coronavirus origins in China, who responded by placing new tariffs on Australian goods including seafood, beef, wine, coal and barley. China has since halted economic talks with the Oceania country ...
By Douglas K at 03:07PM ET | July 21, 2021
Capacity along the Asia has continued to increase throughout 2021, despite several setbacks, including a canal blockage, container shortages, and port congestion. Container rates on the Asia to North Europe have skyrocketed over the course of the year. The Freightos Baltic Index (FBX) has reached $13,118 as of the week July 16, the highest it’s been during the year ...
By Douglas K at 02:07PM ET | July 15, 2021
Capacity had been growing steadily throughout Q1 and Q2 on the transpacific lane. As the economy of North America recovered following the worse of the coronavirus pandemic, demand for consumer goods soared causing an increase in traffic along the transpacific lane, thus raising the capacity. The increase in traffic has caused port congestion along the west coast of North America resulting in significant delays in the goods reaching their destination ...
By Douglas K at 02:07PM ET | July 1, 2021
The Asia-Europe trade route has seen an unprecedented level of demand over the past few months following the rebounding of economies from the COVID-19 pandemic. Despite the few difficulties arisen from this demand, capacity remains strong and continues to increase. The rising demand, along with the Suez Canal blockage in March, has caused a worldwide shortage of available containers ...
By Douglas K at 03:06PM ET | June 17, 2021
Trade between Europe and North America has resumed to normal figures this year following the dampening of both continents’ economies during the worse stages of the COVID-19 pandemic. The two regions are major trading partners with the United States being the second largest trading partner with the European Union behind China, and seven of the fifteen largest trading partners with the U.S are E ...
By Douglas K at 03:06PM ET | June 10, 2021
Over the past few years, Asia has solidified its place as the leading trading partner with the Oceania region, largely due to their proximity and mutual reliance on goods and resources. According to Australian trade statistics , 39% of all exports and 27% of imports in 2020 were with China. The main imports were technology, machinery and appliances, while most of theAustralian exports were iron ore, which accounted for 56% of all exports, and coal ...
By Douglas K at 04:06PM ET | June 3, 2021
In the past few years, Asia has increased their trade dominance across the South American continent’s economies. China has increased their partnership with various Latin American countries, including Brazil and Peru, as part of their Belt and Road Initiative. Peru recently reported that their growth in goods traded had outpaced the rest of the region, with 14 ...
By Douglas K at 03:05PM ET | May 27, 2021
As the North American economies continue to recover and consumer demands remain booming, container volumes have reached all-time highs for ports along both coasts. Along the East and Gulf coasts, volumes have been increasing throughout the year. The Virginia Port Authority reported last week that the Port of Norfolk had broken a monthly TEU volume record with the port handling 286,405 TEUs, a 38 ...
By Douglas K at 02:05PM ET | May 20, 2021
The Port of Oakland, as reported in February , saw imports and exports drop due to congestion in the ports of Los Angeles and Long Beach. Oakland is commonly the second or last port of call along the west coast after the Southern California ports, so those delays affected the ports throughput. Other delays were caused by a reduction of berthing area during the installation of three new cranes , the tallest in North America, at Oakland’s largest container terminal ...
By Douglas K at 02:05PM ET | May 13, 2021
Trade along the busiest lane in container shipping has remained steady over the course of the year and has seen some growth despite several setbacks, including the Ever Given blockage of the Suez Canal for nearly seven days at the end of March. Along the Asia to Europe and Mediterranean routes, capacity has bounced back after the Suez Canal incident, however spot rates have skyrocketed to all-time highs due to a shortage of containers amidst the ever-growing demand. The Freightos Baltic Index (FBX) currently shows a spot rate from China/East Asia to Northern Europe at $8,151 as of May 7, 2021 ...