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fall in cargo freight

14% Fall in Cargo Freight Output from Hong Kong Ports

The total cargo freight output from Hong Kong’s ports saw a sharp 13.8% decline in 2015, with a total of 256.6m tonnes, said the Statistics and Census Department of Hong Kong. This marks the biggest Year on Year fall in the last ten years.

This includes a 17% fall to 152.8m tonnes in inward port cargo freight and 8.6% fall to 103.8m tonnes in outward port cargo freight.

Sunny Ho, the Executive Director, Shipper’s council of Hong Kong, said the weak global economy acts as a reason, adding that the maritime industry hugely depends on trading. Still, international trade faces tough situations with weak purchasing power and slow economic recovery in Europe; currencies majorly devalued in countries like South Korea, New Zealand, Australia and Japan from the Asia Pacific region.

Other reasons for the fall in freight transport of 2015 include the problem of port congestion and growth of China’s industry of mainland shipping.

The Assistant Director from Shipowners Association of Hong Kong, Gilbert Feng, said that there is a requirement of new markets for boosting up the maritime industry of Hong Kong; adding that the city’s maritime industry needs to move in the direction of areas with high-value, like financing, maritime insurance, training and legal service.