China's port throughput totalled 460 million tonnes in November, up 0.5 percent year-on-year, the lowest growth in 10 years, statistics with Ministry of Transport show. Of the 460 million tonnes throughput in November, 310 million was domestic trade, up 1.5 percent year-on-year. Foreign trade throughput posted negative growth in the month. Container throughput at ports, a barometer of foreign trade conditions, totalled 10.6 million boxes, down four percent from October but up 6 percent year on year, 6.7 percentage points lower from the same period of last year.
The plunge of port throughput growth was not beyond market expectations.
The expanding financial crisis has led to recessions in the US and Europe, dragging down China's exports correspondingly and hurting the container business at ports.
China's economic slowdown has cut domestic demand for raw materials including iron ore, coal, etc, casting side effects on the dry cargo transport business.
An analyst with CITICS notes that the container and dry cargo business will continue sliding thanks to an expected economic slowdown in 2009, in which China's port throughput growth is predicted to drop from 12.3 percent to six percent.
The plunge of port throughput growth was not beyond market expectations.
The expanding financial crisis has led to recessions in the US and Europe, dragging down China's exports correspondingly and hurting the container business at ports.
China's economic slowdown has cut domestic demand for raw materials including iron ore, coal, etc, casting side effects on the dry cargo transport business.
An analyst with CITICS notes that the container and dry cargo business will continue sliding thanks to an expected economic slowdown in 2009, in which China's port throughput growth is predicted to drop from 12.3 percent to six percent.