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RCEP in East Asia comes into effect

The Regional Comprehensive Economic Partnership (RCEP) agreement for East Asia, which includes Japan, China, South Korea and ASEAN, came into effect on January 1, 2022. The agreement will create a huge economic zone that accounts for about 30% of the world's GDP. For Japan, this is the first FTA to be concluded with China and South Korea, and some estimates suggest that it will increase Japan's exports to the region by more than 5% compared to 2019.

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Airfreight Rate Continue to Rise

The Baltic Exchange Airfreight Index (BAI) shows rising rates from Hong Kong to Europe and North America, increasing year-on-year and slightly compared to May. In June, rates to North America rose by

CCFI Summary week 27

Ocean freight rates increased via the West Coast of North America (+6.1% week-on-week), Europe (+7.7%), via the East Coast of North America (+2.2%), and in Korea (+4.4%).

CCFI Summary week 24

Ocean freight rates increased via the West Coast of North America (+9.6% week-on-week), Europe (+9.0%), and via the East Coast of North America (+7.8%). Freight rates in Korea (-3.9%) decreased.

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