Trade was hampered by attacks on merchant ships, which forced 60% of maritime traffic to avoid the Red Sea and the Suez Canal, choosing a longer and more expensive route through the Cape of Good Hope. This has affected container shipping and increased costs.
Container prices rose again in May due to increased orders ahead of the holiday season and increased demand, which led to the premature start of the peak season. The problems in the Red Sea add to concerns about the timely delivery of goods.
Congestion in ports in Asia and the Mediterranean increased due to ship delays and route redirection, which also affected container trade volumes. Despite this, the situation is expected to improve in the second half of the year.
The reliability of the global shipping schedule remains low, at 55.8%, which is significantly lower than the usual 70-80%. The problems mainly affect container shipping and ports in Asia and Europe, while the United States is less affected.
There have also been problems due to strikes and threats of strikes in Germany and the United States, which could disrupt the operation of ports. Extreme weather conditions such as droughts and floods are also causing delays, although the Panama Canal has returned to normal operation after the drought.
Despite the difficulties, the volume of global trade in goods increased by 0.1% from January to May. Growth this year is expected to be 1.9% due to increased demand and advance orders.
In Asia, China continues to show growth in exports of automobiles and semiconductors, although exports to developed economies remain weak. In the US, trade also improved due to increased trade under NAFTA, despite a slowdown in consumer spending. In Europe, the economic recovery has slowed due to inventory problems and the trade conflict with China. Conflicts in Africa and the Middle East continue to negatively affect trade in these regions.
