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China Cargo Throughput Still Growing Despite Subdued Exports in 2Q23
China’s total cargo throughput increased by 10% yoy in 2Q23 versus 8% yoy in 1Q23, due mainly to the low base in 2Q22 which resulted from the Shanghai lockdown. Meanwhile, major commodities contributed to the growth: coal throughput in Shandong and Guangxi rose by 19% and 40%, respectively, yoy in 1H23. Total container throughput rose by 6% yoy versus 3% yoy in 1Q23. Fitch Ratings attributes this to:1) the ramp-up of trade with the Regional Comprehensive Economic Partnership (RCEP); 2) the low base at ports in Shanghai; 3) newly opened foreign trade routes in the Dalian port in 1H23; and 4) rising trade with ... (full story)