For a long time, containerized trade flows could be
predicted by looking at the performance of world
GDP with the multiplier effect of the container volume
growth ranging between three to four times the GDP
growth. This ratio is currently being questioned with
some observers arguing that it is no longer a precise
predictor of container-demand growth since other
factors are also at play (Containerisation International,
2013a). These factors include the rate of offshoring
of manufacturing, the extent of containerization of
bulk cargoes, the goods-versus-services composition
and the manufactured-versus-commodities share of countries. Some analysts maintain that the GDP
multiplier has fallen from an average of 3.4 times over
1990–2005 to only 1.5 times in 2012. The reduced
value of the multiplier has implications for future
growth in demand and for containerized trade, a
fact that is being increasingly acknowledged at the
industry level. According to a large container carrier,
current growth rates should be seen as the “new
normal” for the container industry and the 2008/2009
crisis has moved the industry away from the 9–10 per
cent growth recorded over the past three decades
(Containerisation International, 2013a).