Ports' strong figures offer clues to mild trade pickup
Source: Agencies |
October 15, 2012, Monday
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Print Edition
Print Edition
CHINA'S leading ports saw their container volumes rise strongly in September from a year earlier, offering first clues that overall trade in the world's second-largest economy may have started to pick up amid a new wave of government stimulus.
Shanghai Port, the world's busiest container port, saw its container volume rise 5.6 percent in September from a year earlier, bouncing from falls in the previous two months, data from the port operator showed.
Ningbo Port, China's third largest in terms of throughput, saw its container volume in September jump 20 percent from a year ago, the port operator has said. Container throughput rose around 6 percent in August.
Still, it is premature to say if the upswing in container handling signals a turnaround in the broader economy, as the week-long National Day holiday from October 1 to 7 would have prompted some shippers to rush their cargoes in to avoid congestion.
"I don't think this necessarily means that the broader economy is turning around. This shows that trade is expanding, but this may be due to factors such as government investment in transportation and other programs to influence demand," said Ma Xiaoping, an economist at HSBC.
"Higher consumption during the national holiday is also a factor. That's one aspect of it."
Slower recovery
With the euro zone mired in a debt crisis and data from the US showing a slower-than-expected recovery, investors are keenly awaiting data from China, which will unveil its GDP figures this week, for hints on how its economy is faring.
Economists polled by Reuters expect China's growth in the July-September quarter to have slowed to 7.4 percent, down from 7.6 percent in the second quarter and would be the slowest expansion since the depths of the global financial crisis.
Container throughput at Shanghai reached 2.91 million twenty-foot equivalent units (TEUs), up from 2.61 million in August. The year-on-year increase for the month compared with a fall of 7.1 percent in August. Cargo volumes rose 10 percent on the year to 44.41 million tons.
Ningbo Port's container throughput reached 1.59 million twenty-foot equivalent units (TEUs), versus 1.39 million TEUs in August.
HSBC's Business Activity Index, a gauge of operating conditions in mainly private and export-oriented service companies, hit 54.3 in September, up from 52 in August, the bank said in a report last week. A reading above 50 means expansion.
Shanghai Port, the world's busiest container port, saw its container volume rise 5.6 percent in September from a year earlier, bouncing from falls in the previous two months, data from the port operator showed.
Ningbo Port, China's third largest in terms of throughput, saw its container volume in September jump 20 percent from a year ago, the port operator has said. Container throughput rose around 6 percent in August.
Still, it is premature to say if the upswing in container handling signals a turnaround in the broader economy, as the week-long National Day holiday from October 1 to 7 would have prompted some shippers to rush their cargoes in to avoid congestion.
"I don't think this necessarily means that the broader economy is turning around. This shows that trade is expanding, but this may be due to factors such as government investment in transportation and other programs to influence demand," said Ma Xiaoping, an economist at HSBC.
"Higher consumption during the national holiday is also a factor. That's one aspect of it."
Slower recovery
With the euro zone mired in a debt crisis and data from the US showing a slower-than-expected recovery, investors are keenly awaiting data from China, which will unveil its GDP figures this week, for hints on how its economy is faring.
Economists polled by Reuters expect China's growth in the July-September quarter to have slowed to 7.4 percent, down from 7.6 percent in the second quarter and would be the slowest expansion since the depths of the global financial crisis.
Container throughput at Shanghai reached 2.91 million twenty-foot equivalent units (TEUs), up from 2.61 million in August. The year-on-year increase for the month compared with a fall of 7.1 percent in August. Cargo volumes rose 10 percent on the year to 44.41 million tons.
Ningbo Port's container throughput reached 1.59 million twenty-foot equivalent units (TEUs), versus 1.39 million TEUs in August.
HSBC's Business Activity Index, a gauge of operating conditions in mainly private and export-oriented service companies, hit 54.3 in September, up from 52 in August, the bank said in a report last week. A reading above 50 means expansion.
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