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The Valencia Containerised Freight Index (VCFI) decreases in July by -3.01%

Tuesday, 06 August 2024 | 00:00

In the seventh month of the year, the VCFI stood at 1,835.95 points, down on the previous month by -3.01% but accumulating a growth of +3.1% since the beginning of the year
According to the VCFI Commentary, during the past month, the European ports have experienced a slight fall in them traffics which has been compensated by the increase in the Chinese ports

The Index shows a decrease of -10.67% (with respect to the previous month) in the Western Mediterranean area and the Far East decreases by -16.64%

The Valencia Containerised Freight Index (VCFI) for the month of July decreased. This price index, which is based on the export prices recorded by the Port of València in 13 geographical areas around the world, stood at 1,835.95 points, which represents a monthly decrease of -3.01% and an accumulated growth of +3.1% since the beginning of the year.

This change in the value of the index is unevenly distributed over the time horizon of the data, as well as across the geographical areas that make up the index. In this sense, the largest falls are observed in the Far East (-16.64%), Latin America Atlantic (-18.54%) and the Indian Subcontinent (-19.88%), among others. On the contrary, an increase in freight from Central America and the Caribbean (11.10%) and Atlantic Europe (8.84%) was observed.

The decrease occurs in a scenario marked by the increase in operational costs in the maritime sector activity (caused by the geopolitical situation and the scheduling of longer routes that avoid the Red Sea), but at the same time occurs in a context of growth in the world economy. Thus, according to the VCFI commentary for the seventh month of the year, in July, the European ports experienced a slight fall in their traffic which was compensated by the increase in the Chinese ports.

In this vein, as stated in the VCFI Commentary “the seasonally adjusted RWI/ISL container throughput index already stood at 130.4 points in its latest reading, and compared to the previous month, showing stability in global container throughput. Although there was no month-on-month growth, the underlying trend remains positive. The fall in European ports has been offset by an increase in other regions. While container throughput in Chinese ports showed a slight increase, in contrast, the North Range index, which reflects the economic development in the northern Eurozone and Germany, decreased from 112.9 points in the previous month to 111.3 points in July”.

VCFI Western Mediterranean

The Western Mediterranean sub-index decreased by -10.67% from the previous month to 1,849.29 points. About the dynamism of trade exchanges between Valenciaport and the reference countries that make up the area, the most recent data show a decrease in traffic with Morocco, while an increase is observed in activities with Tunisia and Algeria.

VCFI Far East

In the Far East area, a fall of -16.64% has been recorded, reaching 1,959.65 points. The reading of trade with this area has shown an increase in Valenciaport’s traffic with China, the region’s main trading partner.

In this regard, the Commentary notes that: “although consumer demand and anticipation of imports could keep activity levels high, there is uncertainty as to whether these record levels will be sustained during the traditional high season“.
Source: Valencia Port Authority

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