Cargo Volume At Chinese Ports Falls To 7-Year Low
More bad news for the world economy as China watches port volume fall to a 7 year low according to this WSJ report.
Cargo volumes through China’s ports grew at the slowest pace in seven years in the first half of 2016, according to an industry report that showed the country’s trade slump hitting its biggest gateways.
China port container volumes rose 2.5% in the January-June period from a year ago, research group Alphaliner said in a report this week, and the ports of Shanghai and Shenzhen—China’s two biggest sites for imports and exports—both saw container traffic decline 1%.
“Overall container volumes at Chinese ports are growing at the slowest pace since 2009,” Alphaliner said in its weekly newsletter on shipping industry trends. Chinese ports registered a 4.6% drop in volumes that year.
The sluggish business at China’s main gateways comes as the country’s trade downturn is accelerating. The China General Administration of Customs reported Wednesday that China’s exports, which have long been a central piece of the global economy, declined 4.8% in May while imports fell 8.4%.
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