Shanghai port’s container traffic will rise 9 per cent in 2008 to 28.5m teu, predicted municipal government spokesman Chen Qiwei. In the first 11 months of 2008, the port's container traffic rose 8 per cent year-on-year, down from the 20.4 per cent increase in 2007.
Shipping demand has weakened significantly due to the global financial crisis, Liu Zuoliang, a senior economist at Shanghai Tongsheng Investment (Group) Co told Dow Jones Newswires.
Port throughput at all China’s ports stood at 460m tons in November 2008, according to the Ministry of Transport, an increase of 0.5 per cent year-on-year. This represented the lowest growth in a decade. Of this total, 310m tons was domestic trade, up 1.5 per cent year-on-year, while foreign throughput actually contracted. Container throughput at ports totalled 10.6m teu, down 4 per cent from October but up 6 per cent year-on-year.
A ministry spokesman said the economic slowdown had reduced domestic demand for raw materials, including iron ore and coal, impacting the dry cargo transport business.