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June 8, 2022
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- In 2021 the impact of transport costs on value
of Italian import-export has risen for the second year
consecutive
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- Significant worsening of the deficit of merchant transport
in Italy's balance of payments, which resulted in
equal to the record value of -10.9 billion euros
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 In 2021, the impact of transport costs on the value of
goods exported and imported from Italy has risen for the
second consecutive year, respectively at 3.3% and 4.9% compared to
to 3.1% and 4.3% in 2020. This is revealed by the latest annual survey on
international transport of goods to/from Italy carried out by
Bank of Italy which is based on interviews conducted at 180
between the main operators of the international transport of goods and
on the detection of about 5,500 "standard shipments".-
- New report shows 2021 increases in prices
exceptional sea freight relating to the transport of containers,
in particular on routes from China and other Asian countries
and those to North America. The analysis shows that to such
increases mainly contributed to the limitations on the side
of the offer (including the difficulty in finding the
containers and congestion in ports) and geographical imbalances
of the loading application. Significant increases were recorded in
other maritime sectors, such as the transport of solid bulk
(minerals and grains) and general goods, due to the increased
demand for raw materials and intermediate goods linked to the recovery
world economic, while transport costs have fallen
maritime oil due to oversupply of hold. Are
on the other hand, costs remained stable in the ro-ro sector that deals with the
maritime transport of road vehicles. Air freight rates remained
on the all-time high reached the previous year for the reduced offer
of scheduled flights, the holds of which are used for transport
mercantile. In land transport, the increase in average costs has
mainly concerning the road sector, in relation to the
growth in fuel prices.
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- The report points out that the sharp increase in freight rates has
led to a significant worsening of the transport deficit
merchants in Italy's balance of payments (-10.9 billion
of euro from -6.8 in 2020), concentrated in the maritime sector. The
report specifies that the value of the deficit of 2021 is the most
broad - both in absolute terms and in relation to the domestic product
gross - registered
- for at least forty years.
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- With regard to road transport, the report explains that in the
2021 saw an increase in average road costs
which affected both full and partial loads, in a
context of significant increase in volumes handled. The rise
of freight - specifies the document - covered all areas
geographical destination and origin and derives mainly from
an increase in operating costs, due in particular to the increase
fuel prices. Transport costs to the Kingdom
United, moreover, they continued to be affected by Brexit for the
higher incidence of empty returns. In real terms, i.e.
valued in relation to the price indices of exported goods, or
imported, average road costs per tonne remained
almost unchanged.
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- As regards rail transport, the nominal average costs of the
rail transport has remained substantially stable
on exports, while those on imports have decreased; the
decline concerned the bulk sector - whose role as an alternative
the road has faded with the loss of the
restrictions related to the containment of the pandemic - while that
containers recorded a moderate increase in average costs. Among the
geographical areas, there were increases in comparisons
Central Europe and the Iberian Peninsula; freight to/from
Eastern Europe, the Balkan economies and the Alpine countries are
instead decreased. In real terms the average rail costs are
dropped, remaining at levels slightly above the recorded minimum
in 2012.
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- For air transport, the report highlights that after the
exceptional price increases recorded in 2020 as a result of the strong
restriction of the supply of hold linked to the pandemic, last year
year the costs of this mode of transport have remained on
high levels due to only partial recovery of flights of
line; in nominal terms the average import prices were
kept stationary, those on export grew by 7%.
However, the trend was very heterogeneous between the routes:
freight to China has increased by more than 90%, compared to
a reduction of more than 20% for flows to/from Europe. Also
in real terms, average costs remained at the maximum levels of
last twenty years.
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- With regard to maritime transport, and specifically to
container transport by sea, the analysis of the Bank of Italy
explains that in 2021 the freight rates detected in the survey - in dollars for
teu and net of ancillary services - recorded increases
of exceptional magnitude. They are in fact more than
doubled on export - with those related to the flow with the
North America, the most relevant, increased by about 180% - and
more than tripled on imports, in particular in
routes with China, the others
- Asian countries and South America. As in 2020 - specifies the
ratio - in addition to the high concentration between shipowners, there have
mainly contributed to supply-side limitations (between
such as the difficulty in finding containers and the
congestion in ports), geographical imbalances in demand for
load and, to a lesser extent, the containment measures of the
pandemic. Since the other cost factors (services
auxiliaries) have undergone much smaller variations, the
total freight in euro/tonne marked increases of
smaller but still high (48% export and
116% on imports) and such as to push costs, in terms of
real and nominal, above all-time highs.
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- In relation to the maritime bulk transport sector
liquid and solid, the report specifies that in the average of 2021 the
prices for the transport of solid bulk have increased by a considerable extent
marked both for grains and, above all, for the sector of
coal and minerals, in relation to the strong economic recovery
worldwide and the consequent demand for raw materials; More
freight pressures have come from congestion incidents
port as well as the strong polarization of demand
in the China - Southeast Asia area. On the other hand, costs have decreased
averages for the transport of oil and derivatives, which have been affected
oversupply of hold; those for the handling of
chemicals (which include liquefied natural gas) are
remained almost stable. In real terms the average costs
bulk vessels (including ancillary services) to the related import
to solid loads remain at high levels, although still
below the all-time highs recorded in 2008; those relating to
liquid bulks have fallen towards the average level of the last twenty
years.
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- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
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