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Containership congestion in the North Sea worsens

Author:   Posttime:2022-07-13

CONTAINERSHIP congestion in Europe has worsened as more than two per cent of global cargo capacity move to a standstill in the North Sea and could not be loaded or unloaded, said the German Kiel Institute for the World Economy (IfW Kiel).

"An end to congestion in container shipping is currently not in sight," said Vincent Stamer, head of Kiel trade indicator, reports Xinhua.
For Germany and the European Union (EU), this development "primarily affects overseas trade, especially with Asia, from where, for example, consumer electronics, furniture, or textiles are delivered," Mr Stamer said.
Despite these developments, Europe's largest economy saw imports in May go up 2.7 per cent month-to-month, while exports decreased slightly by 0.5 per cent, according to the latest figures from Germany's Federal Statistical Office.
"German foreign trade continues to hold its own in the crisis, but the outlook is gloomy," said Dirk Jandura, president of the German Federation of Wholesale, Foreign Trade and Services (BGA).
Exports and imports in the European Union are forecasted to remain relatively stable in June, according to the IfW Kiel trade indicator.
 

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