Dimerco’s latest APAC Freight Market Report highlights several key trends and developments set to shape this market in the new year 2025.
1. Global Economic Overview: The Global Manufacturing PMI reached 50.0 in November 2024, signaling stabilization in global manufacturing. The US reported its highest growth since April 2022, while India led BRIC countries with robust expansion. China’s PMI rose due to increased exports supported by government initiatives.
2. Airfreight Market Trends: Airlines announced a 10% contract rate increase for long-haul and intra-Asia routes in 2025, driven by rising consumer electronics shipments and pre-Lunar New Year stockpiling. Key routes like China-US experienced tight capacity as shippers raced to avoid potential tariffs under the Trump administration.
3. Ocean Freight Developments: Global Port Tracker revised its 2024 cargo volume forecast to 25.6 million TEUs, a 14.8% increase from 2023. Ongoing labor negotiations in US ports and potential strikes could cause significant disruptions. Carriers are maintaining high spot rates amid blank sailings and increased freight volumes.
4. Regional Highlights:
- China: Air and ocean freight saw tight capacity and rising rates, especially from key hubs like Shanghai and Shenzhen. Pre-Lunar New Year cargo surges added to the pressure.
- South Korea & Taiwan: Export demand surged, especially for tech components, causing rising rates and critical space shortages.
- Southeast Asia & Australia: Rising trade volumes pushed up rates, while Malaysia and Singapore faced port congestion.
- North America: The US freight market experienced tight capacity and rising rates due to harsh winter conditions and strong e-commerce demand.
- Europe & Mexico: European imports surged due to Middle Eastern sea-air volumes. Mexico expanded trade with Asia, backed by infrastructure upgrades.
5. Key Takeaways:
- Tariffs & Trade Policies: The Trump administration’s potential tariffs could reshape global trade routes.
- Supply Chain Preparedness: Shippers should plan ahead, considering disruptions from the Chinese New Year and potential US port strikes.
- Freight Outlook 2025: Industry players must stay agile, balancing geopolitical risks, trade policy shifts, and evolving market dynamics.
January 2025 has set the stage for a challenging yet opportunity-rich year in global freight markets. Adapting to dynamic conditions through proactive planning and flexible logistics strategies will be crucial for industry stakeholders.
Download Dimerco’s January-2025-Asia-Pac Monthly Freight Report.
