When we look at TEU*Miles (which also accounts for the distance a container has to travel), there was a sharp 6-month growth decline that reverted to a “only” a minor level of growth decline in March 2023. This new trend continued in April as well, albeit somewhat less strong.
When we look at a cross plot of Y/Y demand growth in April 2023 against the share of global TEU*Miles for the global trades, we see that while the Far East to North America and Far East to Europe trades are substantially larger than the rest, the low North America imports are causing the growth decline.
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