Hong Kong September container traffic drops 20 pct, Q3 up 7.5 pct q/q
Container traffic through Hong Kong, the world's third busiest port, fell more than 20 percent in September from a year earlier, despite optimism that global trade is recovering from its deepest slump since the 1930s.
However, third quarter trade volumes rose 7.5 percent to 5.61 million twenty-foot-equivalent units (TEU) from the April-June quarter, on improvements in July and August, preliminary data from the Hong Kong Port Development Council showed on Thursday.
"Global trade has been recovering and the question is how fast will the pace be?" said Jim Wong, an analyst at Nomura in Hong Kong.
The quarterly comparison would be more representative than a single month's data, which could easily be distorted by one-off factors, such as typhoon, he added.
The Hong Kong data came a day after China reported improving trade figures in September. Economists expect China's exports will continue to improve in the fourth quarter but some doubt the momentum will last.
"We also think that sequential export growth will likely peak in Q4 this year, followed by a deceleration from the first half of next year," said Jun Ma, chief economist, Greater China at Deutsche Bank in Hong Kong.
Hong Kong handled 1.8 million TEU of goods last month, down 20.2 percent from the same month last year and against 1.94 million TEU in August.
About 90 percent of goods handled at Hong Kong's container port -- from toys, clothings to electronic products -- are re-exports, most of them shipped to or from China, the world's factory.
"Sequential export recovery (on a month on month seasonally adjusted basis) in China has already been very strong in the past four months, indicating a strong momentum," Ma said.
Container throughput at Hong Kong's neighbouring port of Shenzhen in the Pearl River Delta fell 11.96 percent to 1.77 million TEU in September but the contraction was the smallest since November, according to official Shenzhen data.
Ports in China's Yangtze River Delta, which rely more on domestic trade than Hong Kong and Shenzhen ports, posted growth in cargo volumes last month compared with a year earlier.
Cargo throughput at Shanghai rose 5.8 percent year on year to 33.28 million tonnes last month, according to Shanghai International Port Group (SIPG).
In terms of box numbers, the world's second-busiest container port, moved 2.22 million TEU in September. It fell 5.6 percent year on year, but was the highest level this year and 1.6 percent higher than in August.
Container throughput at Ningbo also enjoyed a year-on-year increase of 9.4 percent to 1.05 million TEU last month, according to Ningbo Port, the port operator of Ningbo.
However, third quarter trade volumes rose 7.5 percent to 5.61 million twenty-foot-equivalent units (TEU) from the April-June quarter, on improvements in July and August, preliminary data from the Hong Kong Port Development Council showed on Thursday.
"Global trade has been recovering and the question is how fast will the pace be?" said Jim Wong, an analyst at Nomura in Hong Kong.
The quarterly comparison would be more representative than a single month's data, which could easily be distorted by one-off factors, such as typhoon, he added.
The Hong Kong data came a day after China reported improving trade figures in September. Economists expect China's exports will continue to improve in the fourth quarter but some doubt the momentum will last.
"We also think that sequential export growth will likely peak in Q4 this year, followed by a deceleration from the first half of next year," said Jun Ma, chief economist, Greater China at Deutsche Bank in Hong Kong.
Hong Kong handled 1.8 million TEU of goods last month, down 20.2 percent from the same month last year and against 1.94 million TEU in August.
About 90 percent of goods handled at Hong Kong's container port -- from toys, clothings to electronic products -- are re-exports, most of them shipped to or from China, the world's factory.
"Sequential export recovery (on a month on month seasonally adjusted basis) in China has already been very strong in the past four months, indicating a strong momentum," Ma said.
Container throughput at Hong Kong's neighbouring port of Shenzhen in the Pearl River Delta fell 11.96 percent to 1.77 million TEU in September but the contraction was the smallest since November, according to official Shenzhen data.
Ports in China's Yangtze River Delta, which rely more on domestic trade than Hong Kong and Shenzhen ports, posted growth in cargo volumes last month compared with a year earlier.
Cargo throughput at Shanghai rose 5.8 percent year on year to 33.28 million tonnes last month, according to Shanghai International Port Group (SIPG).
In terms of box numbers, the world's second-busiest container port, moved 2.22 million TEU in September. It fell 5.6 percent year on year, but was the highest level this year and 1.6 percent higher than in August.
Container throughput at Ningbo also enjoyed a year-on-year increase of 9.4 percent to 1.05 million TEU last month, according to Ningbo Port, the port operator of Ningbo.