XSI continues decline at slower pace
XSI for U.S. exports hits an all-time high in February, zooming 16.5% to 179 points
The Xeneta Shipping Index (XSI) continued its downward trend in February at a slower pace after its biggest-ever month-on-month drop recorded in January.
XSI declined 1 percent to 354.2 points in February, according to the latest data from Xeneta.
"This is now the sixth consecutive month of falls with the index losing 22 percent of its value since August 2022. As TPM is in full swing this week, many eyes are looking to see the outcome of several contract negotiations happening onsite."
XSI - U.S. Imports/Exports
The XSI for U.S. imports fell 3.9 percent from January, down to 433.98 points. "Following the fastest m-o-m decline of this sub-index on record in January, the pace of the decline has eased. The XSI for U.S. exports is special for February as it hit an all-time high, zooming 16.5 percent to 179 points.
XSI - Europe Imports/Exports
The XSI for European imports rose to 356.4 points in February, down 91.5 points since the August peak. "Compared to February last year, the XSI remains elevated by 31.6 percent. The XSI for European exports fell 2.6 percent, down to 348.35 points, leaving the index up 65.3 percent from February 2022."
XSI - Far East Imports/Exports
The XSI for imports into the Far East fell 4.4 percent in February from January 2023. The index is currently only 13.6 percent above February 2022. Since the peak in August, the XSI for exports out of the Far East has fallen consistently. It declined 4.6 percent in February from the earlier month but compared to the pre-pandemic month of January 2020, it is up 244.5 percent.