Global freight slump deepens at the start of 2023: Kemp

Global freight movements continued to dwindle in the first two months of 2023 as manufacturers and distributors struggled to reduce excess inventories and cope with rising interest rates and increased caution among buyers. Container flows fell further in January and February compared with the same months a year earlier, showing the inventory-liquidation cycle was not over yet. Singapore’s seaborne container shipments were down 6% in February compared with a year earlier, one of the steepest falls since the first wave of the pandemic. Japan’s air cargo through Narita airport, used for higher-value and more time-sensitive merchandise, was down 33% in January after a 24% year-on-year drop in December. London’s Heathrow handled 6% less air cargo in January than a year earlier after moving 11% less in December.<br/>