Annual Comparison of China's Sea and Air Freight Export Value (2021-2023)

Market Size Overview

Based on data from China Customs and industry estimates, the export values of China's sea and air freight from 2021 to 2023 show different trends:

• Sea freight export value: Approximately $2.35 trillion in 2021, rising to $2.50 trillion in 2022 (+6.4%), then falling to $2.37 trillion in 2023 (-5.2%).
• Air freight export value: Approximately $0.27 trillion in 2021, $0.29 trillion in 2022 (+7.4%), and $0.30 trillion in 2023 (+3.4%).

Trend Analysis

Sea Freight: Demand Fluctuations and Freight Rate Adjustments

• In 2022, global restocking drove strong sea freight demand, but in 2023, slower economic growth in Europe and the US led to fewer orders, pulling down export values.
• Ocean freight rates peaked in 2022 and gradually declined, though overall export volumes remained high.

Air Freight: Growth Driven by Cross-Border E-commerce

• Air freight export value grew for two consecutive years, fueled by the rapid expansion of Chinese cross-border e-commerce platforms like Temu and SHEIN, which require fast, small-batch deliveries.
• In 2023, the recovery of international passenger flights increased belly capacity, easing some air freight rate pressures.

Key Points

• Sea freight remains the dominant mode for China's foreign trade exports, accounting for over 70%.
• Air freight's share is small (about 8%) but growing faster, particularly in consumer goods and high-value products.
• Together, they represented about 79% of China's total export value in 2023, indicating a continuously optimized logistics structure.

Outlook

• The sea freight export value is expected to grow modestly in 2024 as global supply chains become more resilient.
• Air freight export value is likely to keep rising, but attention should be paid to capacity supply and external trade environment changes.