According to Vizion, a container tracking service provider, the volume of container orders from China to the US surged by nearly 300% after the world’s two largest economies agreed to a temporary halt on imposing lofty tariffs on each other’s goods, threatening global shipping operations.
Ben Tracy, Vice President of Vizion, stated that the latest 7-day average of orders from China to the US skyrocketed to 21,530 twenty-foot equivalent units (TEU), up from the previous week’s 5,709 units—a whopping 277% increase.
Following Beijing’s announcement on February 12th to temporarily halt most tariffs for 90 days, analysts predicted an early start to the peak shipping season. Freightos, an international shipping platform, commented, “With tariffs potentially snapping back after the 3-month truce, we’ll see shipping activity kick off immediately, meaning an early start to this year’s ocean freight peak season.”
Shipping companies welcomed the tariff pause. “Since the agreement was announced, we have seen an increase in trans-Pacific service orders,” said Maersk, a leading shipping company.
Hapag-Lloyd, a German transport company, also reported a 50% week-over-week increase in container orders from China to the US.
Despite a significant drop in shipping volume between China and the US since April, Freightos noted that trans-Pacific container rates have remained stable – at around $2,300 per forty-foot equivalent unit (FEU) to the West Coast and $3,400 per FEU to the East Coast.
Freightos estimates that this year’s peak season rates won’t reach the highs of last year – $8,000/FEU to the West Coast and over $9,800/FEU to the East Coast. Container shipping rates are currently 30% lower than last year due to expanded fleet capacity and competition among shipping alliances.
The Surprising Surge in China’s Import of Snails from Vietnam
China has been a significant importer of seafood from Vietnam, with a traditional focus on shrimp and tra fish. However, a notable shift has occurred, with China now significantly increasing its imports of shellfish from Vietnam, including delicacies such as scented snails, clams, and abalone.
Is the iPhone 17 Price Hike Imminent Due to the Looming Tax Storm?
Apple is reportedly contemplating a price hike for its upcoming iPhone 17 series, slated for release in the fall of 2023, as indicated by a report from The Wall Street Journal.
The Stock Market Surge: Vietnam Joins the Global Rally
The global stock market surged amidst the US-China tariff truce.
What to Expect from Bank Stock Prices in a Bull Market
The banking sector stocks stalled during the holiday-shortened week but have since regained their momentum. This sector could be the key driver to push the VN-Index above the 1,280-point level and fill the gap from the decline on April 2nd and 3rd.
“US-Vietnam Trade Agreement: A Mutually Beneficial Partnership”
On May 13, Prime Minister Pham Minh Chinh met with representatives of the American business community investing and operating in Vietnam. The purpose of this meeting was to listen to and address any challenges they may face, as well as to discuss proposals to enhance Vietnam-US investment and business cooperation.
