Global freight volumes fell at some of the fastest rates for three decades earlier this year, but at the end of the first quarter showed signs of bottoming out.
Volumes were down by -2.1% between December and February compared with the same period a year earlier, according to the Netherlands Bureau of Economic Policy Analysis (“World trade monitor”, CPB, April 25).
The rate of decline was in the 8th percentile for all overlapping three-month periods since 1992; volumes have only fallen this fast during the last three recessions in 2020, 2008/09 and 2001/02.
Reflecting the global slowdown, the U.S. rail network hauled 1.06 million containers in February, the lowest for the time of year since 2015 and before that 2012, data from the Association of American Railroads showed.
Global freight has been hit by excess inventories held all along the supply chain as consumer and business spending has reverted from merchandise to services after the pandemic.
Persistent inflation, rising interest rates and increased fears about an impending recession have also encouraged households and firms to be more cautious about spending.
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