Port of Valencia witnesses export freight rates growth in November

Port of Valencia witnesses growth in export freight rates in November

The Port Authority of Valencia (PAV) has reported an increase in export freight rates, with a 0.9 per cent increase compared to the previous month.

According to PAV, this is the first increase since August 2022. This is represented in the València Containerised Freight Index (VCFI), which evaluates the trend and evolution of freight rates in the Valencian area and now stands at 1,184.76 points in November, continuing at levels comparable to those recorded in 2020.

Since the start of the historical series in January 2018, the VCFI has grown by 18.48 per cent.

The Index also represents a significant growth in export freights from Valenciaport ports to the Far East region, which has recently shown indications of stability, showing more moderate reductions, and which has increased by 43.08 per cent in November.

READ: Port of Valencia records decline of export freight rates

According to PAV, the index for Africa’s West Coast increased by 16.48 per cent, the index for Africa’s East Coast increased by 7.19 per cent, and the Western Mediterranean sub-index increased by 3.41 per cent.

PAV noted that in terms of the Western Mediterranean sub-index, November experienced a 3.41 per cent gain over the previous month, marking the third consecutive month of growth. It has therefore already achieved 11,548.44 points, marking a cumulative increase of 54.84 per cent from the series’ inception in 2018.

Regarding Valenciaport, there was an increase in the volume of exports to Morocco of 2 per cent has been observed with respect to the previous month.

READ: Port of Valencia sees traffic surge in September

Similarly, shipments to Tunisia have climbed by 34 per cent, but exports to Algeria remain minimal due to geopolitical issues, even declining from the previous month.

In the Far East, PAV reported that a remarkable gain of 43.08 per cent, reaching 1,213.42 points, reflecting a cumulative increase of 21.34 per cent from the series’ inception in January 2018.

In this regard, export levels from Valenciaport to China, have climbed by 24 per cent according to PAV’s most recent statistics and in comparison to the previous month.

In October, PAV reported that traffic in Valencian ports grew for the second month in a row this year.

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