Insights into the Current Logistics Market – June 2024

We are excited to share with you the latest insights and updates from the logistics industry. The recent market update from Noatum Logistics provides a comprehensive overview of the current trends and projections shaping global trade and transportation sectors.

Three major international economic organizations – the Organization for Economic Co-operation and Development (OECD), the World Trade Organization (WTO), and the International Monetary Fund (IMF) – have forecasted significant growth in global trade for 2024 and beyond. The OECD predicts a 2.3% increase in global trade this year, rising to 3.3% in 2025. Similarly, the IMF and WTO have also revised their projections upwards, citing improved economic conditions and reduced inflation as key drivers.

Ocean freight continues to face challenges with rising spot rates, port congestion, and equipment shortages, reminiscent of post-COVID recovery periods. Air cargo rates from Middle East and South Asia (MESA) to Europe have more than doubled compared to last year, driven by increased demand and supply chain disruptions in ocean freight. While road freight prices in Europe saw a decline in the first quarter, there are signs of recovery as economic conditions improve.

The logistics industry continues to navigate geopolitical tensions, regional conflicts, and economic uncertainties, which pose risks to global trade stability

As we move forward, it is essential for stakeholders to stay informed and proactive amidst these dynamic market conditions. The detailed insights provided in the Noatum Logistics Market Update June 2024 document offer valuable perspectives for navigating the evolving logistics landscape.

We invite you to download the full Market Update document, where you can explore in-depth analysis, sector-specific trends, and expert forecasts shaping the future of global logistics.