China’s total cargo throughput grew at faster pace in Q2, continuous pressure expected – research
DATA VIEWS & ANALYSIS
China’s total cargo throughput grew at faster pace in Q2, continuous pressure expected – research
DATA VIEWS & ANALYSIS

China’s total cargo throughput grew at faster pace in Q2, continuous pressure expected – research

 

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China’s total cargo throughput increased by 10% year over year in the second quarter of 2023, picking up from the 8% growth in the first quarter, due to the low base a year earlier which resulted from the Shanghai lockdown, Fitch Ratings said in a note. 

Major commodities contributed to the growth, with coal throughput in Shandong and Guangxi rising by 19% and 40%, respectively, year over year in the first half of 2023, it said.

Total container throughput rose by 6% year over year in the quarter, accelerating from the 3% growth in the first quarter, due to the ramp-up of trade with the Regional Comprehensive Economic Partnership (RCEP), the low base at ports in Shanghai and newly opened foreign trade routes in the Dalian port in the first half, and rising trade with countries along the Belt and Road, it said. 

Fitch expects continuous pressure on throughput growth, especially for containers which rely heavily on external demand, which however could be offset partly by resilient commodity demand – with rigid demand for iron ore and grain, and a stockpile of crude oil in China, it said.