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Sunday, 28 December 2008
Mainland Ports See First Cargo Drop in 7 Years
Cargo volume at mainland ports dropped last month for the first time in seven years due to tightening trade credit and a downturn in the global economy.
Cargo volume at mainland ports dropped last month for the first time in seven years due to tightening trade credit and a downturn in the global economy.
General cargo volume at key ports fell 0.5 per cent to 460 million tonnes from November last year, compared with 6 per cent growth in October, according to the Ministry of Transport website yesterday.
International cargo volume dipped 8.3 per cent to 140 million tonnes because the import of iron ore, coal and oil products into the mainland continued to decline amid softening energy demand.
The cut in production at mainland manufacturers because of the unfolding global recession led to less energy consumption.
Container throughput, mainly composed of manufactured goods rather than raw materials, edged up 4.1 per cent year on year to 10.41 million 20-foot equivalent units last month, the slowest growth during the year, compared with 8.2 per cent growth in October.
“November was the worst month since banks reined in credit for trade collectively, leaving importers with insufficient funds to carry out the orders of goods from China and Asia,” said Geoffrey Cheng, a transport analyst with Daiwa Institute of Research.
The rebound in international trade this month was short-lived, since orders have withered since the middle of the month, Mr. Cheng said. “The outlook for international trade is so bleak that Beijing increased tax rebates on Wednesday to help mainland exporters.”
Container goods shipped to and from mainland ports saw their third consecutive single-digit growth last month.
Analysts said the real plunge would occur in January because most of the workers in the coastal areas would be leaving their factories for home in rural areas for the Lunar New Year.
In October, leading mainland ports handled 6.3 per cent more overseas containers, down from 16.2 per cent growth a year earlier.
Transpacific trade fell 6.1 per cent in October as consumer confidence in the United States declined. Goods bound for Europe increased 7 per cent. The ministry did not provide figures for individual trade partners last month.
Among the top eight busiest ports on the mainland, Shenzhen posted the slowest growth, with 4.9 per cent year-on-year growth in the first 11 months, followed by 6.4 per cent growth at Qingdao.
Shanghai also posted single-digit growth of 8.1 per cent. Guangzhou is the only port with more than 20 per cent growth because most of its cargo is domestic trade related.
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Mainland Ports See First Cargo Drop in 7 Years
Charlotte So
26 December 2008
Cargo volume at mainland ports dropped last month for the first time in seven years due to tightening trade credit and a downturn in the global economy.
General cargo volume at key ports fell 0.5 per cent to 460 million tonnes from November last year, compared with 6 per cent growth in October, according to the Ministry of Transport website yesterday.
International cargo volume dipped 8.3 per cent to 140 million tonnes because the import of iron ore, coal and oil products into the mainland continued to decline amid softening energy demand.
The cut in production at mainland manufacturers because of the unfolding global recession led to less energy consumption.
Container throughput, mainly composed of manufactured goods rather than raw materials, edged up 4.1 per cent year on year to 10.41 million 20-foot equivalent units last month, the slowest growth during the year, compared with 8.2 per cent growth in October.
“November was the worst month since banks reined in credit for trade collectively, leaving importers with insufficient funds to carry out the orders of goods from China and Asia,” said Geoffrey Cheng, a transport analyst with Daiwa Institute of Research.
The rebound in international trade this month was short-lived, since orders have withered since the middle of the month, Mr. Cheng said. “The outlook for international trade is so bleak that Beijing increased tax rebates on Wednesday to help mainland exporters.”
Container goods shipped to and from mainland ports saw their third consecutive single-digit growth last month.
Analysts said the real plunge would occur in January because most of the workers in the coastal areas would be leaving their factories for home in rural areas for the Lunar New Year.
In October, leading mainland ports handled 6.3 per cent more overseas containers, down from 16.2 per cent growth a year earlier.
Transpacific trade fell 6.1 per cent in October as consumer confidence in the United States declined. Goods bound for Europe increased 7 per cent. The ministry did not provide figures for individual trade partners last month.
Among the top eight busiest ports on the mainland, Shenzhen posted the slowest growth, with 4.9 per cent year-on-year growth in the first 11 months, followed by 6.4 per cent growth at Qingdao.
Shanghai also posted single-digit growth of 8.1 per cent. Guangzhou is the only port with more than 20 per cent growth because most of its cargo is domestic trade related.
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