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Shenzhen displaced Hong Kong as the world's third-busiest container port last month - the first time this year - by moving a record 2.13 million TEUs compared to Hong Kong's 2.06 million TEUs.
The mainland port's container throughput was higher on a monthly basis, though. It has always lagged behind Hong Kong on an annual basis, a status quo that may well change going by the current trend, reported the South China Morning Post.
Shenzhen becomes the second mainland city to have overtaken Hong Kong in terms of container throughput. Shanghai, which surpassed Hong Kong in 2007, is now the world's busiest port, followed by Singapore and Shenzhen.
Last month, Shenzhen's throughput rose 40.8 per cent from July last year to a record 2.13 million TEUs, according to the Shenzhen Ports Association.
Hong Kong's throughput grew 9.7 per cent to 2.06 million TEUs, the Port Development Council said.
"It sends a clear message that if Hong Kong continues to be so much more expensive than Shenzhen, shippers will not use Hong Kong," said Willy Lin Sun-mo, the chairman of the Hong Kong Shippers' Council.
"Shenzhen was the most eye-catching compared to other ports [on the mainland]," JP Morgan analyst Karen Li said. "At first we thought Shenzhen's growth was due to the low-base effect because Shenzhen slowed down a lot in 2009 due to the global crisis. What surprised me is Shenzhen's strong monthly growth in June and July."
July's throughput growth in west Shenzhen, which trades mainly with Europe, was faster than east Shenzhen, which trades mainly with the United States, Li said. "This suggests China's trade with Europe was much better than what people expected."
Overall, last month's growth in container throughput of mainland ports was 23 per cent above JP Morgan's expectations. However, leading indicators are pointing to softer growth ahead, Li wrote in a report.
The key risks to growth in the second half were softening order growth and inventory build-up, the report said.
Yu Huangyan, a China Merchants Securities analyst, said the throughput growth of Hong Kong and Shenzhen would slow in the fourth quarter because of weaker European consumer demand caused by the region's debt problems.
Part of the reason why Shenzhen is steaming ahead of Hong Kong is the China-Asean free-trade agreement that took effect on January 1, boosting shipments from Asean nations to Shenzhen, Lin said. If containers from Asean nations bound for the mainland stop in Hong Kong, they are required to be inspected at a charge of US$200 to $300 per TEU, while there is no charge in Shenzhen.
Cargonews Asia
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