China’s economy on the road to recovery
12 May 2020 15:12 Economy
Restrictions on everyday life in Chinese cities and provinces are gradually being lifted. Shanghai, for example, has already lowered its emergency response level from Level III to II of its four-tier response system for public health emergencies. During the extended Labor Day holidays (1-5 May), 115 million tourists were registered nationwide, and domestic flights are operating again at levels similar to those seen prior to the corona crisis.
Despite its steady recovery, China's economy is still feeling the decline in demand from other parts of the world that are presently suffering the effects of the pandemic. According to data provided by the GACC (General Administration of Customs People’s Republic of China), the value of goods imported and exported in the first quarter of 2020 decreased by 4.9 percent to 9,070 billion RMB compared to the same period last year. Overall, the figures for April are particularly positive, with a decline of only 0.7 percent in total foreign trade and exports rising by 8.2 percent. This is mainly owed to postponed orders that are now being handled.
The overall economic situation continues to affect the logistics sector. In April 2020, throughput at China's eight most important ports fell by 5.8 percent compared to April 2019, and is thus at a similar level to that recorded in March 2020. In contrast, rail traffic between China and Europe is increasing as it is currently deemed an attractive alternative to seaborne transport. According to the Chinese Ministry of Commerce, 979 trains moved a total of 88,000 TEU on the New Silk Road in April – 97.8 percent of which were fully loaded containers. These figures also include trains with Russia as their destination.
The following throughput was reported by individual seaports for the 1st quarter of 2020:
(Percentages reflect the difference vs. the same period last year)
Despite its steady recovery, China's economy is still feeling the decline in demand from other parts of the world that are presently suffering the effects of the pandemic. According to data provided by the GACC (General Administration of Customs People’s Republic of China), the value of goods imported and exported in the first quarter of 2020 decreased by 4.9 percent to 9,070 billion RMB compared to the same period last year. Overall, the figures for April are particularly positive, with a decline of only 0.7 percent in total foreign trade and exports rising by 8.2 percent. This is mainly owed to postponed orders that are now being handled.
The overall economic situation continues to affect the logistics sector. In April 2020, throughput at China's eight most important ports fell by 5.8 percent compared to April 2019, and is thus at a similar level to that recorded in March 2020. In contrast, rail traffic between China and Europe is increasing as it is currently deemed an attractive alternative to seaborne transport. According to the Chinese Ministry of Commerce, 979 trains moved a total of 88,000 TEU on the New Silk Road in April – 97.8 percent of which were fully loaded containers. These figures also include trains with Russia as their destination.
The following throughput was reported by individual seaports for the 1st quarter of 2020:
- Dalian: 1.53 million TEU (-27.7 %), 82,6 Mio. Tonnen (+1,5 %)
- Tianjin: 3.71 million TEU (-1.9%), 111.1 million tons (+5.4%)
- Qingdao: 5.04 million TEU (+2.2%), 87.0 million tons (+4.1%)
- Lianyungang: 1.17 million TEU (-2.2%), 60.8 million tons (+3.9%)
- Shanghai: 9.33 million TEU (-10.3%), 145.7 million tons (-15.1%)
- Ningbo/Zhoushan: 6.15 million TEU (-8.2%), 250.0 million tonnes (-1.9%)
- Shenzhen: 5.33 million TEU (-11.9%), 52.3 million tons (-8.9%)
- Guangzhou: 4.74 million TEU (-10.3%), 135.48 million tons (-4.6%)
(Percentages reflect the difference vs. the same period last year)
China’s economy on the road to recovery
