Monthly China Ningbo Container Freight Index (NCFI) 2019-2022

Since July 2022, the composite Ningbo Container Freight Index (NCFI) started to decline significantly and stood at about 1,320 points in October. This signals the recovery of the container market from the shortage of containers and container vessels caused by the COVID-19 lockdown.

Shipping freight index

As of June 2022, China’s coastal bulk freight index (CBFI) amounted to about 1,049 points, The CBFI reflects changes in freight rates of five cargo component indices (i.e., coal, grain, metal ore, product oil, and crude oil) and serves as a barometer of the market with a base index of 1,000 points as of January 31, 2000. Moreover, average China (Export) Containerized Freight Index (CCFI) rose to 2,616 points in 2021, which was 1.6 times the rise since April 13, 1998. Among the 12 container trade lanes, China-Mediterranean CCFI amounted to 4,858 points, and China-Europe CCFI was about 4,287 points. As of April 2022, China’s global export container freight index was about 3096.9 points. From January 2019 to December 2021, container freight costs from Shanghai Port and Ningbo-Zhoushan port surged, as reflected by the Shanghai Export Container Freight Index (SCFI) and NCFI.

China’s trade growth with BRI countries

Since May 2020, the monthly Maritime Silk Road Trade Index (STI) showed that China's composite trade index for countries along the 'Belt and Road Initiative (BRI)' project had experienced substantial growth. Converted to actual trade values, China's imports and exports from the BRI countries were worth about 11.6 trillion yuan in 2021. This signals that China’s trade with BRI countries has recovered from the worst impacts of the COVID-19 pandemic.