Customs data shows 2022 trade volumes to be marginally ahead of 2021 in December. However the downward economic pressure in the last six months is showing in the data. This can be most obviously seen in Q4 . Steel is down 9% compared to last year and likewise Q4 construction is down 2%. The largest declines are in the flat steel showing a slowdown in manufacturing which is particular noticeable in the automobile sector.
Iron ore is also down 2% in the final quarter compared to last which has mainly due to less volumes from Brazil. Those tonne miles have particularly hurt freight rates during the period. Coal, however did much better in Q4, 10% ahead of last year and symptomatic of the world coping with the energy crisis.