In the past, we saw increased freight prices that led to higher transportation costs for construction materials, equipment, and supplies. Recently, ocean freight prices, specifically China-West Coast US rates, have been on a downward trend and have reached pre-pandemic levels. Read on.
- According to Freightos data, the rates for shipping a 40-ft container from Asia to the US West Coast have dropped by over 80% since the end of April 2022. Similarly, prices on the East Coast have fallen by almost two-thirds. One of the main drivers behind this decline in logistics costs is reduced consumer spending, which has impacted sales among many importers over the last two years.
2024 Freight Industry
The freight industry in 2024 is projected to have excessive available capacity and low demand, leading to extreme overcapacity in the market.
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