Last week(W47), the overall FBX index closed at 1155.99$, basically the same as in W46.
Transatlantic head hauls:
China/East Asia – North America West Coast increased with 3% and the sub-index sits at 1613$;
China/East Asia – North America East Coast closed at 2362$, down 1% WoW;
Corss Suez head hauls:
China/East Asia – North Europe: 1211$, -6% (second consecutive week of contraction);
China/East Asia – Mediterranean: 1492$, the same as in W46.
The overall index for the same week last year (2022) was at 2785.6$.
China’s weekly export container shipping index up (link)
SHANGHAI, Nov. 19 (Xinhua) — China’s export container shipping index increased in the week ending Nov. 17, according to the Shanghai Shipping Exchange.
The Exchange added that the average China Containerized Freight Index (CCFI) rose 3.4 percent from the previous week to 872.11.
The sub-index for the Mediterranean service registered the biggest week-on-week rise of 6.2 percent.
Bucking the trend, the sub-reading for the Korea service logged the sharpest decrease of 4.8 percent from one week earlier.
Yet another shipping ‘chokepoint’ risk as Yemen rebels attack (link)
The Israel-Hamas war initially raised concerns about future fallout for shipping at two “chokepoints”: the Suez Canal and the Strait of Hormuz. War fallout for shipping has now begun, but at a different chokepoint: the Bab el-Mandeb Strait.
Vessel operators appear to be using the destination declaration in their Automatic Identification System (AIS) to communicate with potential hijackers in Yemen who are using public ship-tracking websites. Their message: We have guns too.
Thai PM ‘very worried’ about weak Q3 growth, plans more stimulus (link)
BANGKOK, Nov 20(Reuters) – Thai Prime Minister Srettha Thavisin said on Monday he was “very worried” about much slower-than-expected growth in the third quarter, with the economy burdened by declining exports and government spending.
Gross domestic product (GDP) (THGDPY=ECI) expanded 1.5% in the July-September quarter from a year earlier, the National Economic and Social Development Council (NESDC) said, down from the 2.4% growth predicted by economists in a Reuters poll.
S.Korea sees new record of instant noodle exports (link)
South Korea’s exports of ramen exceeded 1 trillion won ($780 million) for the first time. Korean ramen is celebrating its 60th anniversary this year, and the country’s signature instant noodle.
Considering production and direct sales at overseas plants by ramen companies, the actual global export value is estimated to have surpassed 2 trillion won.
Trade statistics from the Korea Customs Service released on Monday indicate that ramen exports from January to October this year reached $785.25 million, representing a 24.7% increase from the same period last year.
World Bank sees $12 billion support to Kenya over next 3 years (link)
NAIROBI, Nov 20 (Reuters) – The World Bank said on Monday that it foresaw $12 billion of support to Kenya over the next three years, potentially a major boost to the East African country’s strained finances.
The bank said in a statement that the total amount was subject to the approval of its executive directors and other factors that could influence its lending capacity.
Kenya’s public finances have been pressured by the legacy of the COVID-19 pandemic and frequent climate change-induced droughts.
ASEAN economies await a cloudy 2024 amid export worries (link)
SINGAPORE/JAKARTA/MANILA/BANGKOK — Southeast Asia’s economic growth could improve next year, according to analysts and official projections, but wobbly macroeconomic conditions could cause uneven gains among countries.
One economist pointed out that trade-reliant countries are “not out of the woods” yet after a slowdown in exports stemming from the weak Chinese and global economies dragged down their performance this year.
French business climate deteriorates again, inflationary pressures remain high (link)
The business climate in France has deteriorated again in November, a further sign of the worsening outlook for activity over the coming months. Growth is expected to slow. At the same time, the PMI indices indicate that inflationary pressures remain high and that disinflation will take time
COFEE REPORTS
→ BRAZIL (link)
Post decreases the Brazilian coffee production for Marketing Year 2023/24 (July-June) to 66.3 million 60-kg bags, based on a projected decline in robusta/conilon production. Post forecasts arabica production at 44.9 million bags, a 12.8 percent increase over the previous season, due to an increase in planted area and higher yield. Robusta/conilon production is projected at 21.4 million bags, 1.4 percent lower than the previous estimate of 21.7 million bags and 6.1 percent lower in relation to the last season. Total coffee exports for 2023/24 (July-June) are estimated at 43.9 million 60-kg bags, green beans, down from the previous estimate of 45.4 million 60-kg bags, due to a slower than expected trade flow of arabica coffee at the beginning of this marketing year, motivated by less than attractive prices in stock markets. However, the 2023/24 exports are projected to be 22.3 percent higher than the MY 2022/23 exports.
→ VIETNAM (link)
MY 2023/24 coffee production is lowered 3.8 million bags to 27.5 million bags due to unfavorable weather conditions as a result of climate change and El Nino climate patterns. In addition, Post lowered MY 2022/23 coffee production to 27.2 million bags green bean equivalent (GBE) due to unfavorable weather conditions leading to low cherry survival rates and farmers shifting production to more profitable fruit trees. Post forecasts MY2023/24 coffee exports to be 25 million bags GBE based on a drop in stocks.
Cheers,
biased Bogdan
