The freight rate from China to the United States rose nearly 40% in a week, and the freight rate of tens of thousands of dollars returned

Since May, shipping from China to North America has suddenly become “difficult to find a cabin”, freight prices have skyrocketed, and a large number of small and medium-sized foreign trade enterprises are facing difficult and expensive shipping problems. On May 13, the Shanghai export container settlement freight index (US-West route) reached 2508 points, up 37% from May 6 and 38.5% from the end of April. The index is published by the Shanghai Shipping Exchange and mainly shows sea freight rates from Shanghai to ports on the West Coast of the United States. The Shanghai Export Container Freight Index (SCFI) released on May 10 rose 18.82% from the end of April, hitting a new high since September 2022. Among them, the US-West route rose to $4,393/40-foot box, and the US-East route rose to $5,562/40-foot box, up 22% and 19.3% respectively from the end of April, which has risen to the level after the Suez Canal congestion in 2021.

Source: Caixin

Multiple factors support liner companies in June or again to raise prices

After a number of container shipping companies raised two rounds of freight rates in May, the container shipping market is still hot, and analysts believe that the price increase in June is in sight. For the current market, freight forwarders, liner companies and transportation industry researchers said that the impact of the Red Sea incident on shipping capacity is becoming more and more obvious, with the recent foreign trade data improving, transportation demand picking up, and the market is expected to continue to be hot. A number of shipping industry respondents believe that many factors have recently supported the container shipping market, and the uncertainty of long-term geopolitical conflicts may amplify the volatility of the container shipping index (European line) futures far-month contract.

Source: Financial Union

Hong Kong and Peru have largely completed negotiations on a free trade agreement

The Secretary for Commerce and Economic Development of the Hong Kong SAR Government, Mr Yau Ying Wa, had a bilateral meeting with the Peruvian Minister of Foreign Trade and Tourism, Ms Elizabeth Galdo Marin, on the sidelines of the Asia-Pacific Economic Co-operation (APEC) Trade Ministers’ Meeting in Arequipa, Peru, today (16 Arequipa time). They also announced that negotiations on the Hong Kong-Peru Free Trade Agreement (FTA) had largely been completed. Apart from the FTA with Peru, Hong Kong will continue to actively expand its economic and trade network, including seeking early accession to the Regional Comprehensive Economic Partnership (RCEP) and concluding FTA or investment agreements with potential trading partners in the Middle East and along the Belt and Road.

Source: Sea Cross Border Weekly

Zhuhai Gaolan Port area completed the container throughput of 240,000 TEU in the first quarter, an increase of 22.7%

The reporter learned from Gaolan border inspection station that in the first quarter of this year, Zhuhai Gaolan Port area completed 26.6 million tons of cargo throughput, an increase of 15.3%, of which foreign trade increased by 33.1%; Completed container throughput of 240,000 TEU, an increase of 22.7%, of which foreign trade increased by 62.0%, running out of hot foreign trade acceleration.

Source: Financial Union

Fujian Province before April cross-border e-commerce exports hit a record high in the same period

In the first four months of this year, Fujian Province’s cross-border e-commerce exports reached 80.88 billion yuan, an increase of 105.5% year-on-year, setting a record high for the same period. According to the data, Fujian Province’s cross-border e-commerce export trade is mainly cross-border direct purchase, accounting for 78.8% of the total export. Among them, the export value of mechanical and electrical products was 26.78 billion yuan, an increase of 120.9%; The export value of clothing and accessories was 7.6 billion yuan, up 193.6% year on year; The export value of plastic products was 7.46 billion yuan, an increase of 192.2%. In addition, the export volume of cultural products and high-tech products increased by 194.5% and 189.8%, respectively.

Source: Sea Cross Border Weekly

Since April, the number of new businessmen in Yiwu has increased by 77.5%

According to Ali International Station data, since April 2024, the number of new merchants in Yiwu has increased by 77.5% year-on-year. Recently, Zhejiang Provincial Department of Commerce and Yiwu Municipal Government have also launched the “Vitality Zhejiang Merchants Overseas Efficiency Protection Plan” with Ali International Station, providing the majority of Zhejiang merchants, including Yiwu merchants, with certainty business opportunity protection, transaction efficiency improvement, talent transfer and other service systems.

Source: Sea Cross Border Weekly