AS cargo volumes continue to fall on the major east-west trades in 2009, many Asian observers are concerned just how far the trouble from the economic crisis will spread.
End of year figures for the Intra-Asia trade may help shed some positive light on an industry desperately looking for something to cling to.
Figures obtained by The Container Shipping Manager reveal a relatively positive picture for the Intra-Asia trade as dry container volumes grew at an estimated 7.5 per cent last year.
Breaking the numbers down a little more reveals much about where the impacts of the financial crisis are hitting in the Asia-Pacific.
Korea has undoubtedly been the hardest hit in the region, with January to November growth dropping 2.9 per cent for the year, while for the month of November the decline was a dramatic 15.6 per cent.
Although China’s full year growth was not devastating at 13.7 per cent, the slowdown in November’s growth is rather illuminating as to what happened in the final months of 2008.
Even more dramatic was its decline in the reefer market at -26.1 per cent for the month of November.
According to one analyst, China’s slowing volumes are not just the result of the global slowdown, but the country was also affected by the pre-Olympic restrictions put in place, as well as various health and safety issues such as the melamine scandal.
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