Date: 20/11/2023

Global freight recession seen continuing in 2024: Survey

Due to high inventories as well as a pullback in customer spending, the economic challenges faced by the global shipping industry will continue into 2024, according to a recent CNBC Supply Chain Survey. The survey indicates that the global freight market will see little to no growth during the first half of 2024, as per reports, probably leading to downward pricing, which could cause shipping volumes to increase in the second half of 2024. A majority of those surveyed said they believe that LTL trucking rates will either decrease or remain unchanged during the first quarter of 2024, while 33% said LTL trucking rates will increase by 5% during Q1 2024. Some expected a rebound during the second half of 2024, with half the participants saying they believe freight volumes will increase by 5%, the reports said. 
Source: Exim News Service: New York, Nov. 19