INDUSTRY BRIEF: China shipping rates plummet from recent highs
Freight charges for shipping products from China have tumbled from highs in July, as demand for Chinese exports slows, Caixin reported on Wednesday. The benchmark rate for shipments to North America has dropped 40% since July, following rapid inventory buildups by U.S. importers during the months of May and June.
Last week alone, shipping rates from Shanghai to Europe fell 10.6%, while rates to the U.S. fell 6.9%. Exports have historically been one of China’s major economic growth engines, but have begun to slow in the last year. The country’s exports fell 2.3% in July, though they rebounded to record 2.7% growth in August, according to China customs data.
Reporting by Doug Young
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