183.2 million TEU! Global container traffic rebounded sharply in 2024
According to Container Trade Statistics (CTS), global container traffic in 2024 surged 6 percent over 2023 to 183.2 million TEU, with May, August and December all exceeding 16 million TEU, "for the first time in history."
CTS added that the performance marked a sharp rebound from sluggish growth in 2023, which was affected by a post-COVID-19 surge in demand and inventory overhang in 2022.
North America saw the strongest import growth in 2024, with a 12 percent year-on-year increase, indicating a sharp recovery from the region's 5 percent decline in 2023. While North America remains the third largest import market, it continues to close in on Europe in second place.
Far East exports to North America increased by 14 percent, with Los Angeles remaining the region's main gateway, handling more than 90 percent of Far East cargo.
In 2024, the Far East emerged as the best performing region for exports, with an increase of 8 percent over 2023 and 10 percent over 2022, and the region's share of global exports rose to 61 percent from 59 percent the previous year.
Growth in dry goods was particularly strong, while refrigerated goods also performed well, with the Far East continuing to maintain its position as the second largest exporter of refrigerated goods, after South and Central America, the main region of the refrigerated trade.
Sunny Worldwide Logistics has more than 20 years of freight forwarding history,and over half of staffs working in Sunny about 5-13years.Emergency solutions must be offered with 30 minutes if any. You may not find other companies like us in Shenzhen.
Exports from the Far East to North America remained the main driver of growth, while shipments to Europe, the Indian subcontinent and the Middle East also increased significantly. Europe grew by 9% year on year, while exports to the Indian subcontinent and the Middle East surged by 12% from 2023 and 35% from 2022.
Despite a decline in export volumes due to geographical constraints, Australasia and Oceania achieved growth in 2024, particularly in trade with the Indian subcontinent and the Middle East. The volume of exports on this route increased by an impressive 34% year-on-year and 58% compared to 2022. India has played a major role in the trade expansion, with imports from the region more than doubling in the past two years.
According to CTS, while global trade is showing strong momentum, not all markets are seeing growth. Germany is the country with the biggest drop in exports in 2024, with exports down 4% year-on-year. This follows a decline of 3% in 2023.
Overall, 2024 will be a year of strong growth in global container trade, with North America and the Far East leading the growth. Looking ahead, the key question remains: Will the record volumes of 2024 continue into 2025, or will the market stabilize? Can emerging economies such as India continue to expand rapidly?
According to CTS, despite ongoing challenges, including pandemics, economic uncertainty, and geopolitical changes, "the global container market continues to adapt to the environment."
