Ports in China Shows Strong Economic Performance Despite Global Pandemic's Effects in 2022

Ports in China register a strong economic performance while the global pandemic has impacted other places worse.

Chinese Ports Managed Better During Global Pandemic

China's largest major ports managed to perform well in 2022, notwithstanding the COVID-19 pandemic's negative impacts, as said by industry and trade experts, who assume that China's ports' adaptability is indeed an indication of the country's high potential to keep building its substantial export industry in 2023, reported Global Times.

Shanghai International Port (Group) Co managed a maximum of 47.3 million twenty-foot equivalent units (TEUs) in 2022, asserting the world's largest top position in container terminals for the 13th consecutive year, news site CGTN disclosed on Sunday, noted Twitter.

It was disclosed that the port's firm had seen a V-shaped restoration in July, just after disturbances, from April to June, so it set new records on everyday cargo volume on September 8th and 11th of September.

East China's Shandong Province port conglomerate, Shandong Port Group Co., indicated on Friday that it would become the world's top port in 2022 after processing 1.6 billion tons of cargo.

The port recorded a total of $2.9 billion in exports. The negative impact of lessening demand in 2021 was a challenge.

The virus first emerged in the port of Yantian in South China's export heavyweight Shenzhen in March, accompanied by epidemics in Shanghai that hindered port operations. Subsequently, an outbreak also affected Ningbo's harbor.

However, operators in China were flexible and able to cope with these changes. Ports have put workers in closed loops and opened shipping lanes and rails going to the port, citing Bloomberg.

Veteran Chinese shipping analyst Wu Minghua told the outlet on Monday that ports were prepared to perform against all the odds in 2022.

Strong Economic Performance

Minghua added that attempts to ratchet up foreign trade had yielded excellent results. While some ports have not published their information, they believe the overall port rankings will remain unchanged in 2022.

As stated by Wu Jiazhang, a port analyst, China's ports have surpassed the top 20 ports in the world in terms of cargo and container throughput.

Based on data from the first three-quarters of the most current statistics, he indicated that the drop in global supply has decreased throughput at the harbors of Singapore and Busan in South Korea.

In contrast to their foreign counterparts, terminals could boost their container throughput by more than 5% between January and November, as reported by Wu. Tianjin Port appears poised to dethrone Busan as the world's seventh-largest container port by 2022.

Bai Ming appended on Monday that the Chinese economy can be contrasted with how well-developed ports have managed the pandemic's consequences while staying adaptable.

Despite facing multiple pressures, the Chinese economy has proven to be comparably resilient during the year, thanks to its strong supply side strength and the potential of its vast market.

He projected that the US and Euro markets might decline by 2023 because of the expected recession. China's exports still had room for expansion in the markets surrounded by the Regional Comprehensive Economic Partnership (RCEP) trade agreement and the marketplaces along the Belt and Road.

Ports in China show strong economic performance despite the ongoing global pandemic.