Chinese car imports soar 83%, driving record trade volumes at the Port of Melbourne, reports Melbourne's Financial Review.
A sharp rise in Chinese car imports has helped the Port of Melbourne achieve record trade volumes, reports Melbourne's Financial Review.
Imports of Chinese vehicles jumped 83 per cent over the past year, including the arrival this month of a BYD-owned ship carrying 5,000 electric cars. This surge has supported record throughput at Australia's largest container and automotive port, despite a slowing economy.
The port handled 3.5 million TEU last year and is on track to set another record for the financial year ending June 30. Chief Executive Saul Cannon stated that 3.22 million TEU had already been processed in the first 11 months, with June expected to push volumes to a new high.
The Port of Melbourne, leased for 50 years in 2016 for A$9.7 billion (US$6.8 billion), is controlled by a consortium that includes the Future Fund, Queensland Investment Corporation, Global Infrastructure Partners, and Ontario Municipal Employees Retirement System.
Trade data show that the port accounts for more than one-third of Australia's container traffic. China represents 52 per cent of container imports, compared to just five per cent from the US.
