XSI® US
US Import sub-index sees highest growth since June 2022
US Imports
· Long term rates into North America took another jump in August rising by 8.0% - the highest growth on this trade since June 2022.
· The sub-index now stands at 174.2 points following three consecutive months of growth – though it remains lower than at the start of this year. In January, the sub-index was 182.1 points, 4.5% higher than in August.
US Exports
· The XSI® for North America Exports fell to 105.7 points in August.
· This is 2.9% lower than in July, indicating a slowing of the pace of decline on this sub-index, which is largely made up of backhaul trades.
· In absolute terms, this leaves the weighted average long term rate to import a 40ft container into North America two times higher than the average rate to export one. This spread is bigger than it was earlier this year following two months of back-to-back increases on the North America Imports sub-index coinciding with decreases on North America Exports.
· For context, during the Covid-19 pandemic, import long term freight rates rose to being 4.5 times higher than long term export freight rates. This compares to a 2019 average of around 1.5 times higher.