World Economy

South African Farm Exports Climb 10% as Shipping Costs Surge

South African agricultural exports jumped 10% in the second quarter compared with the same period last year, driven by increased shipment volumes and improved pricing conditions. The surge reflects broader strength in global commodity markets heading into peak demand season. Freight costs to U.S. destinations have escalated sharply, with container spot rates to both coasts spiking amid late peak season activity. Truckload spot rates posted their largest sequential gain in five years during the quarter, with momentum extending into the third quarter. Global air cargo demand remained strong, rising 6% year-over-year in August. Shippers face a challenging backdrop: export growth is solid, but transportation costs remain elevated.