According to information from the Vietnam Maritime Administration, global shipping rates are on a downward trend, creating favorable conditions for export businesses.
Notably, in August 2024, shipping routes from Asia to the West Coast of the US and Europe recorded the sharpest decline, ranging from 20 - 30% compared to the previous month.
Compared to the peak in September 2021, when the global supply chain was severely disrupted by the COVID-19 pandemic, ocean freight rates have dropped by 44%.
Notably, each week the fares decrease by an average of 3-4%, reflecting a steady downward trend and forecast to continue in the coming time.
Mr. Nguyen Thanh Tuan - Member of Ho Chi Minh City Logistics Association said that since the beginning of August, the situation of ship congestion has disappeared, transportation prices have been decreasing, although still at a high level.
For example, Mr. Tuan said that shipping rates to the EU region have now dropped to 6,000 - 8,000 USD depending on the industry. Similarly, shipping rates to the West Coast region are around 5,000 - 6,000 USD/40-foot container. Compared to the hot period in the first and second quarters of 2024, prices have decreased significantly.
“Compared to the previous period, shipping rates have cooled down. This is a good sign for export enterprises in seeking growth in the last months of the year,” said Mr. Tuan.
Speaking with Lao Dong, Mr. Tran Van Linh - Chairman of the Board of Directors of Thuan Phuoc Seafood Company - said that the EU market accounts for about 25% of the export market share of Vietnamese enterprises and this is also the area with the highest increase in shipping costs.
"High sea freight rates along with difficulties in the market and orders have eroded the profits of businesses, especially seafood exporting businesses like us.
However, up to now, after many efforts, the reduction in sea freight rates has made businesses breathe a sigh of relief. The reduction in sea freight rates will create favorable conditions for import and export businesses," said Mr. Linh.
According to the Vietnam Maritime Administration, shipping rates will continue to decrease in the coming time, after the congestion at major ports around the world has been completely resolved.
This is a golden opportunity for export businesses to take advantage of lower transportation costs to boost business activities, expand markets and seek strong growth in the final months of the year.
Regarding the increase in shipping costs, speaking with Lao Dong, Mr. Tran Quoc Toan - Deputy Director of the Import-Export Department (Ministry of Industry and Trade) - said that the increase in shipping costs has been going on for a long time, and the Ministry of Industry and Trade has implemented activities and solutions to overcome this phenomenon.
In particular, the Ministry of Industry and Trade has coordinated with the agency in charge of researching the increase in freight rates, promptly coordinating to propose appropriate solutions, implementing seminars, providing information to spread to businesses to be proactive in import and export activities. At the same time, the Ministry also coordinated with the Ministry of Finance and the Logistics Association to discuss timely handling measures.
Source: https://laodong.vn/kinh-doanh/doanh-nghiep-tho-phao-vi-cuoc-van-tai-bien-giam-manh-1383264.ldo
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