Volumes indicate Asia still leads growth

The overall picture continues to be uncertain, both in the European Union (EU) and the United States, with imports remaining below the 2008 pre-crisis levels while exports to Asia remain high, increasing the dependency on Asia- and export-led growth.

Total US external trade by sea has fallen back to the 2009 level, 13% below that of 2008; trade in the EU has stagnated at the June 2008 level (-1% compared to June 2008).

Sea freight data indicates weak import demand both in the EU and the US, as imports by tonnage remain below pre-crisis levels; in the EU imports fell -10%, while US imports declined further at -25%.