DEPENDENCY on Asia-led growth in the EU and US is increasing, while sea freight volumes indicate weak import demand both in the United States and the European Union.
Data on inland road and rail freight point to weak domestic activity, and China's imports by sea from North Atlantic economies have fallen, according to data from the International Transport Forum at the Organisation for Economic Co-operation and Development (OECD) through to April 2013.
The inter-governmental organisation, representing more affluent countries acts as a think tank for transport policy, said the overall picture continues to be uncertain in the EU27 and the United States. Imports remain below pre-crisis levels (June 2008) while exports to Asia remain high, raising reliance on Asia- and export-led growth.
Total external trade by sea has fallen back to 2009 levels in the US (13 per cent below pre-crisis levels) while trade in the EU27 has stagnated at the June 2008 level (down one per cent compared to June 2008).
Air freight, considered a lead indicator, suggests further uncertainty for economic growth both for the United States and Europe. Total trade by air, five per cent down, has remained below the June 2008 level since early 2012.
Sea freight data shows weak import demand both in the EU and the United States. Imports by sea (in tonnes) remain below pre-crisis levels in the EU27 (down 10 per cent) while imports by sea in the United States slid a further 25 per cent.
The report said recent figures on inland freight transport by road and rail contribute to a sense of weak domestic activity. Rail freight volumes (in tonne-kilometres) remained flat in the fourth quarter of 2012 in the US and the EU bloc (five per cent and nine per cent below the 2008 peak). Road freight volumes declined further in the EU to 15 per cent below the 2008 peak, the lowest figure recorded since 2008.
Asia, and more specifically China, are continuing to be the driver of growth, but there are signs of slowing. China's imports by sea from North Atlantic economies have fallen since mid-2012.
WORLD SHIPPING
04 August 2013 - 16:18
OECD: Dependency on Asia-led trade growth rises as justification wanes
DEPENDENCY on Asia-led growth in the EU and US is increasing, while sea freight volumes indicate weak import demand both in the United States and the European Union.
WORLD SHIPPING
04 August 2013 - 16:18
OECD: Dependency on Asia-led trade growth rises as justification wanes
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