|Subject||Chinese export growth boosts shipping sector|
Outlook improves for second half of 2014, with possible 10% increase
Mumbai : Shipping lines and ports benefited from strong Chinese exports through June and analysts are now forecasting further expansion in the second half of 2014.
Exports increased 7.2% year-on-year in June to reach US$186.8 billion, according to the latest customs data. Shipments to the European Union rose 13.1% last month compared to a year earlier, while exports to the United States increased 7.5%.
The overall export performance was reflected in the latest container volume figures. Shanghai, the world’s largest container port, saw growth in June of almost 11%, while the ports of Guangdong ports saw container volumes rise 5.3% year-on-year.
The export outlook from China is now strong after growth quickened in May and June after a slow start to the year. Analysts expect further expansion in the second half when many forecast growth of more than 10%, year on year.
“Global economic recovery is accelerating,” said Liao Qun, chief economist at China CITIC Bank International. “Given that market sentiment in the US, Japan and Europe is rebounding, Chinese exporters will get stronger support.”
Source : dailyshippingtimes.com