Global freight volumes suggest continuous uncertainty

In its latest report the ITF states that the overall picture for global freight remains uncertain as the 27 countries comprising the European Union (EU) and the US trade continues to stagnate below the pre-crisis (June 2008) peak. Freight by sea in the US has remained constant around 6% below the pre-crisis peak since the last quarter. Similarly, trade by sea in the EU remains 1% below the pre-crisis peak.

Within the EU, German and Dutch economies continue to show resilience to the overall weak performance in Europe. Germany’s total external trade by sea reached 12% above the pre-crisis level. In contrast, overall trade by sea in most other European countries remains below pre-crisis levels.

The ongoing “Euro-crisis” is reflected by falling imports, indicating weakening domestic demand, particularly in Greece. According to seasonally adjusted preliminary data for June 2012, Greece’s imports, measured in tonnes of goods moved, declined to 41% below pre-crisis peaks for maritime transport.