China’s export container shipping index rose slightly in May, up 0.4% month-on-month to 952.11, according to data from the Shanghai Shipping Exchange.
The rise was driven by increased demand for shipping services from South America and the Persian Gulf/Red Sea. The South America service saw its freight rates rise by 16.8% month-on-month, while the Persian Gulf/Red Sea service saw its freight rates rise by 8.5%.
The CCFI tracks spot and contractual freight rates from Chinese container ports for 12 shipping routes across the globe. The index was set at 1,000 on January 1, 1998.
The rise in the CCFI is a positive sign for the Chinese economy. It suggests that demand for Chinese goods is still strong, even as the global economy faces headwinds. The rise in the CCFI could also help to boost China’s trade surplus.
However, it is important to note that the CCFI is a volatile index. It can fluctuate significantly from month to month. Therefore, it is important to view the recent rise in the CCFI with caution.