CHINA's top seven container ports' throughput grew 6.1 per cent year on year in October after growing 6.9 per cent September, according to a Citi Research note.
"Throughput in October continued to improve thanks to the US economic recovery, a major driver of China's exports. China's trade in September also saw robust recovery, up 11.3 per cent year on year," said the note.
The strong growth was in part due to the low base last year, as well as the favourable external demand in the past few months, especially due to the robust recovery in the US economy, it said.
"Foreign trade growth continued to outpace domestic trade, increasing 7.4 per cent versus domestic growth of only 1.9 per cent due to weak domestic demand," it said,
"We expect growth in foreign trade to continue, supporting overall throughput improvement," said the note from Michael T Beer, vice president of Citi Asia-Pacific transport research.
Pearl River Delta volume was up 3.1 per cent in the Shenzhen and Guangzhou region, Citi Research reported.
"Growth further narrowed to 3.1 per cent in October, dragged by weak domestic trade (-5.2 per cent). In October, the decline of Guangzhou narrowed, down 1.4 per cent versus minus 6.3 per cent in September," he said.
The narrowing was mainly due to the low base of last year and less decline in Nansha II (-6 per cent in October).
Shenzhen's growth also slowed to 5.8 per cent from 9.3 per cent in September. West Shenzhen continued to grow for a third month, up 3.5 per cent year on year.
"Throughput growth at Yantian decelerated to eight per cent from 16-17 per cent in the prior two months," said Mr Beer.
Yangtze River Delta growth accelerated 9.9 per cent in October, again thanks to robust foreign trade, up 10.2 per cent. Growth also accelerated from September's 7.3 per cent year-on-year jump, largely because of a 14 per cent increase in Ningbo.
Shanghai was up 7.6 per cent while the Bohai Rim increased 7.4 per cent year on year. Excluding Qingdao Port, the Bohai Rim growth fell to 7.4 per cent, slower than September's 10.7 per cent rise,
This, Mr Beer attributed to the high growth of 9.5 per cent for domestic trade. Within the region, Tianjin experienced robust growth of 10.2 per cent and Dalian only 4.3 per cent.
PORTS
10 November 2014 - 23:53
China's top 7 box ports up 6.1pc in October rising on US economic recovery
CHINA's top seven container ports' throughput grew 6.1 per cent year on year in October after growing 6.9 per cent September, according to a Citi Research note.
PORTS
10 November 2014 - 23:53
China's top 7 box ports up 6.1pc in October rising on US economic recovery
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