Wednesday, July 18, 2012

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REPORT: Global freight volumes remain stagnant amid Europe's economic concerns

Global freight volumes remained in the doldrums for the first quarter of this year as total external trade by sea measured in tons for both the European Union and United States were still below pre-recession levels, according to a recent report by the International Transport Forum, a think tank of the Organization of Cooperation and Economic Development.

"The overall picture for global freight is one of stagnation with indications for near- term decline in economic performance for the EU-27," the report said.

Total external trade by sea for the E.U. and U.S. was down 5 and 6 percent respectively by the end of this year's first quarter compared to the pre-crisis peak, the report said.

The E.U.'s airfreight volume was 4 percent below the pre-crisis peak as of March 2012, while U.S. airfreight showed a modest recovery upwards of 1 percent, according to the report.

Germany is reportedly bucking the stagnating economic trends of its European neighbors, with its sea trade up 12 percent over pre-crisis levels and an airfreight sector that is recovering more rapidly.

Another bright spot has been exports to the BRIICS and Asia, which have been "locomotives of global growth," the ITF report said.

However, the report also says trade with Asia "shows signs of leveling off," particularly from E.U. -27 exports for both air and sea.

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