January’s figure was 8.99 million TEUs, also down 13.3 percent year on year and 12 percent lower than in December 2008.

The statistics only mean that  economic recovery is  not yet in sight as overseas demand would shrink further. Furthermore, the decline in February  is even  bigger in spite of  having  three more working days compared to the same month last year.

China’s export volume decreased 17.5 percent year on year to US$90.45 billion in January, according to the General Administration of Customs. Export data for February  is not yet released  but  the 21st Century Business Herald quoted an official as saying that export decline would drop further to over  20 percent from the same period in 2008.

One of the major contributor to the total decline was coal. Its  total volume was reduced by 15 million tons in February, or 15.5 percent from a year earlier. Metal volumes slid 8 percent year on year.

The report forecast a possible pick-up for metals after the 4-trillion-yuan (US$584.7 billion) stimulus package and measures to revive sectors such as ship building  and vehicle manufacturing increased  their demands.

Source : Konaxis