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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See AllGlobal air cargo demand increased by 11% year on year in March for the third consecutive month, driven by factors like e-commerce and disruptions in Red Sea shipping. Xeneta's latest analysis revealed
Ocean freight rates decreased via North America East Coast (-3.9% week-over-week), North America West Coast (-2.8%), Europe (-0.7%), and Korea (-1.9%).
Air cargo rates on major east-west trades in February continued their decline compared to last year due to the timing of the Lunar New Year break. According to the Baltic Exchange Airfreight Index (BA
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