Drewry Container Port Throughput Index for July bounces back
THE Drewry Container Port Throughput Index for July bounced back strongly, crossing 130 points for the first time in 2020, reported the American Journal of Transportation
THE Drewry Container Port Throughput Index for July bounced back strongly, crossing 130 points for the first time in 2020, reported the American Journal of Transportation.
Despite the rise of more than six points compared to June 2020, it was however still 4.2 points lower than in July 2019. However as the global economy starts to recover from the first wave of Covid we are starting to see clear signs of demand improving, said Drewry.
'Our China container port throughput index surpassed the key milestone of 150 points in July 2020 - no other region has ever reached this level. The index level of 151 points reached in July was 7.5 points (5.2 per cent) higher than in June 2020, and 4.2 per cent higher than in July 2019,' said the Drewry report.
This growth can be attributed to the domestic traffic expansion (top 10 ports grew 14.8 per cent in domestic traffic) plus foreign laden container traffic as China's exports inflated 7.2 per cent in July, it said.
In Asia (except China), the index increased by three per cent (3.5 points) in July but was still more than 10 points (7.8 per cent) down as over in July 2019. While trade across the region is recovering, the demand revival has been sluggish when compared with China.
The North America throughput index witnessed the largest monthly growth among all regions, moving up 17 points (13.9 per cent) in July. However, it was still eight points lower than in July 2019. The top three ports (Los Angeles, Long Beach, New York) witnessed huge monthly growth in July, and contributed close to 44 per cent of the growth across our 32-port sample.
Europe's index recovered by 4.8 per cent (5.2 points) and reached to 112.7 points in July, but was still lower by almost 13 points (10.2 per cent) on an annual basis.
'Africa's port throughput index dropped slightly to 89.6 points (0.9 per cent) month-on-month, and was 16.5 per cent lower compared with the same period last year. The index for Africa is however based on a small sample, heavily weighted to South Africa, which was in recession even before the pandemic struck,' said Drewry.