THE DOWNTURN OF THE HONG KONG PORT ECONOMY | Sowoll

Release time: Wednesday, January 23, 2019
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The downturn of the Hong Kong port economy: the ranking fell from the first to the seventh, the throughput is less than half of that in Shanghai.

As a land of only 1065 square kilometers, Hong Kong has been the first in the world container port list for many years. However, the city of the world's shipping center has lost its style in recent years, and the glory of the "Pearl of the Orient" has faded year by year. 



According to statistics from Lloyd's List, one of the world's oldest newspapers, since the throne of the world's largest container port was lost in 2004, Hong Kong's ranking on the list has fallen all the way. By the 2.5% decline in the year, Hong kong fell out of 20 million TEU clubs to fifth place.

It was even worse in 2018. According to data released by the Hong Kong Maritime and Port Authority last week, container throughput in Hong Kong fell 5.4% year-on-year to 19.641 million TEUs, the worst performance in two years. Its ranking in global container ports is likely to fall two levels to the seventh place.The throughput of containers in a single month has fallen for 11 consecutive months. 

In contrast, the market estimates that Shanghai's container handling volume in 2018 increased by 4.4% year-on-year to approximately 42 million, ranking first in the world. So far, Shanghai has been the world's first container port for nine consecutive years.

According to the latest data, Singapore handled 36.31 million containers last year, an increase of 8.9% year-on-year, ranking second in the world.  Ningbo Zhoushan Port handled 26 million, a year-on-year increase of 3.2%, ranking the third place.Shenzhen ranked the fourth place with 25.73 million containers, up 2.09% year-on-year.

South Korea's Busan and Guangzhou ranked the fifth and sixth in the world with 21.9 million and 21.4 million containers respectively, with year-on-year growth rates of 6.8% and 5.1% respectively.

Hong Kong was the only city in the first seven container ports of last year that experienced a year-on-year decline. The trade and logistics industry is the first of the four pillars of Hong Kong's economy. It is an indisputable fact that Hong Kong’s port competitiveness has declined.
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