Global Port Throughput Index drops in July

Container ports worldwide experience decline

{reg}The Global Container Port Throughput Index recorded a 2.1 percent month-on-month decline in July 2023. Despite slight increases in Africa and Oceania, these were insufficient to offset the drop in throughput in Greater China, Asia (excluding China), North America, and Europe. Drewry's Nowcasting Model predicts a further decrease, with a 4.1 percent month-on-month drop expected in August 2023. The rolling 12-month average growth rate reached -1.2 percent in July 2023, and the Nowcast Model suggests this downward trend will continue into August.

After a notable 5.2 percent month-on-month increase in June 2023, the Greater China Container Port Throughput Index fell by 3.3 percent month-on-month in July, but it showed a 1.0 percent year-on-year increase. Meanwhile, the Greater China Container Port Performance Index decreased by 1.3 percent month-on-month in August 2023, primarily due to a 3.5 percent month-on-month reduction in pre-berth waiting time.

The North American Container Port Throughput Index saw a 3.1 percent month-on-month decline in July 2023 and a significant 15.0 percent year-on-year drop. West Coast ports faced volume losses, with Los Angeles and Long Beach experiencing over a 26 percent year-on-year decrease, while Vancouver's throughput plummeted by 35.4 percent due to industrial action.

In Europe, the Container Port Throughput Index fell by 2.3 percent month-on-month in July 2023, reaching 99.5 points, a 3.1 percent decrease compared to the previous year. European ports struggled with weak demand, as evidenced by an 8.0 percent year-on-year decline in traffic at the Spanish ports of Barcelona and Valencia, along with a 5.4 percent year-on-year drop at Antwerp-Bruges in July 2023.[/reg]