The global forwarding market is losing money supply
# Expert Advice Section
By the end of 2022, the global freight forwarding market decreased by 3.7% in real terms, i.e. excluding changes in prices and exchange rates, to €348.1 billion, according to the Transport Intelligence report.
Among the factors that caused the reduction in demand for forwarding services, the rise in consumer prices, as well as the rise in interest rates, which hit the manufacturing and construction sector.
The volume of the sea freight market will decrease this year by 3.5% to €208.75 billion. The analyst explains the acceleration of the decline by the strengthening of the imbalance in the conditions of record-high supplies of new tonnage, when demand remains low, and the speed of the system has recovered.
The only market segment that continues to grow is the Middle East region. Last year it increased by 3.7%, this year the forecast is 40%. +0,8%). The fastest-shrinking regional markets in 2022 were the Asia-Pacific region and Russia (-5,8%). In 2023, Transport Intelligence predicts the largest losses for the North American market, which will shrink by 6.2%.