China's cargo throughput surges 10% year-on-year amid export challenges

Posted on November 13, 2023   |  

China's total cargo movement grew by 10% in Q3 2023, fueled by higher imports of major goods, and the expansion of the New Western Land-Sea Corridor (NWLC), which boosted cargo movement at Guangxi ports by 29%.

The total number of containers also saw a 6% increase. 

Fitch Ratings attributes this growth to the impact of the NWLC on container handling at Guangxi ports.

Additionally, the acceleration of trade with the Regional Comprehensive Economic Partnership (RCEP) and Dalian Port's introduction of five new foreign trade routes in 2023 played a role in the overall growth.

However, China's exports faced challenges, declining by 11% due to weak demand. 

Exports to ASEAN and the EU fell by 17.0% and 17.5%, respectively, while exports to the US showed a slight decline of 14.3% compared to a more significant drop of -16.7% previously. 

Although there was a substantial 28.4% increase in exports to Russia, it couldn't compensate for the overall decline in exports.