Drop in cargo through Belfast port in crunch
The depth of the recession in the North was reflected today in a substantial drop in cargo passing through the Port of Belfast. Figures released by the port yesterday showed cargo down 5.5% to 16.5 million tonnes. Trades associated with the construction industry were particularly badly hit - there was a plunge in timber imports of 38% and steel imports fell by 21%.
Although container traffic also reduced by 5% – with 153,000 boxes carried compared with 161,000 in 2007, not all trade sectors fell.
The port said passenger traffic was static at 1.2 million, scrap metal rose by 8.6%, fertiliser imports were up 5% and the stone trade saw a 4% rise – driven by additional road maintenance projects in Great Britain.
Some 60% of all seaborne trade in and out of the North goes through the port so it is seen as a good indicator of how the local economy in general is performing.
The port, which celebrated what it called a strong performance despite the general downturn, said it was continuing to support the local construction sector by completing and commencing the building of new port facilities during 2008 with a combined value of £60m (€67.8m), helping to support 750 jobs.
Roy Adair, the port chief executive said: “For the last four years the port has reported record levels of trade carried, so given the current economic climate it was anticipated that there would be some slippage in 2008.
“Despite that fall, however, the figures represent a robust performance by the port in what was a turbulent year for the global economy”.
Mr Adair said the port was a well diversified business and one which was guided by a long-term development framework which aimed to deliver significant new port capacity over the next 20-30 years.
“There’s no doubt that this is going to be a painful part of the business cycle, but the economy will recover and we are confident that when it does, it will grow strongly,” he said.
With that in mind the port had continued with its modernisation programme which would make it the most modern on the island and ensure local importers and exporters had the best possible access to international markets, he added.
2008 was the best year ever for its growing popularity with cruise ships – a record 39 stopped off delivering 65,000 passengers and crew into the city.
Although container traffic also reduced by 5% – with 153,000 boxes carried compared with 161,000 in 2007, not all trade sectors fell.
The port said passenger traffic was static at 1.2 million, scrap metal rose by 8.6%, fertiliser imports were up 5% and the stone trade saw a 4% rise – driven by additional road maintenance projects in Great Britain.
Some 60% of all seaborne trade in and out of the North goes through the port so it is seen as a good indicator of how the local economy in general is performing.
The port, which celebrated what it called a strong performance despite the general downturn, said it was continuing to support the local construction sector by completing and commencing the building of new port facilities during 2008 with a combined value of £60m (€67.8m), helping to support 750 jobs.
Roy Adair, the port chief executive said: “For the last four years the port has reported record levels of trade carried, so given the current economic climate it was anticipated that there would be some slippage in 2008.
“Despite that fall, however, the figures represent a robust performance by the port in what was a turbulent year for the global economy”.
Mr Adair said the port was a well diversified business and one which was guided by a long-term development framework which aimed to deliver significant new port capacity over the next 20-30 years.
“There’s no doubt that this is going to be a painful part of the business cycle, but the economy will recover and we are confident that when it does, it will grow strongly,” he said.
With that in mind the port had continued with its modernisation programme which would make it the most modern on the island and ensure local importers and exporters had the best possible access to international markets, he added.
2008 was the best year ever for its growing popularity with cruise ships – a record 39 stopped off delivering 65,000 passengers and crew into the city.