Aug 15, 2023 05:16 AM

ECONOMY

Weakening Trade Pushes Down Shipping Rates Between China and ASEAN

By Li Rongqian and Han Wei

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Chinese exports to ASEAN dropped by 21% in July from a year ago

Chinese exports to ASEAN dropped by 21% in July from a year ago

Container shipping rates between China and Southeast Asia slumped 30% in the last five months as trade between the two markets slows down, highlighting weakening global demand.

The spot rate to ship a 20-foot container from Shanghai to Singapore has dropped to $140 Friday, down 2.1% from the previous week, according to data from the Shanghai Shipping Exchange. The rate has dropped nearly 30% from its March level.

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