The Intra-Asia container shipping market has outpaced global growth, according to a new Drewry report, with China, Japan, South Korea, and the ASEAN region leading the regional growth in trade.
Drewry's new online Intra-Asia Container Market Insight service confirmed the growth in the intra-Asia container shipping market, noting that over the last five years (2019-2023), it registered a compound average growth rate (CAGR) of 3.6%, far outpaces growth in global shipping trades, which grew at a CAGR of just 0.7% over the same period.
Total intra-Asia containerised trade volume amounted to 52 million twenty-foot equivalent units (TEUs) in 2023, making this the powerhouse of the global container market.
Drewry said industry forecasts predict sustained growth in trade between major economies such as China, Japan, South Korea, and ASEAN nations driven by closer economic integration, rising consumer demand and robust manufacturing activity across the region.
"As container shipping growth moves from intercontinental to intra-regional trades, industry stakeholders require new knowledge services that help bolster their intra-Asian shipping activities and supply chains," said Subrata K. Behera, deputy director of ports and container research of Drewry.
"This new service delivers unique insights, enabling regional logistics teams to monitor the market, make more precise budget forecasts and access near-real-time updates on trade and potential disruptions," he added.
