We reported just a week ago that ocean freight rates from Asia to North America had spiralled to new record highs and were averaging three times the rates being seen on the Asia/Europe market.
Since that update rates have continued to rise by another 10% on average, although that does vary by origin and destination point.
Despite being in the middle of a trade war, and following twelve months of tit-for-tat tariff hikes, products moving from China to the US have certainly not slowed down. In fact, there are signs of growth compared to the peak season last year.
The rush to get orders moved, before the holiday shutdown period, is quite possibly leading to the most recent rise in rate levels. However, we are hopeful that some normality will start to return to the market thereafter.
Golden Week starts on Thursday 1st October and finishes on Wednesday 7th October. During this period pretty much all companies, government bodies and schools will be shut down for holidays, including the Westbound offices in China.
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