Total cargo throughput in China was up by 2% yoy in 3Q22, supported by domestic demand. However, foreign-trade throughput declined by 3% yoy due to weak demand from both Europe and the US. Europe is affected by geopolitical issues and an energy crisis, while the US is dealing with a high-inflation environment. Nevertheless, total container throughput increased by 6% yoy in the quarter, contributed by Zhejiang, Qingdao, Tianjin and Dalian ports.

This was owing to newly opened shipping and sea-rail transportation routes, port consolidation, the China-Europe Railway Express and the Regional Comprehensive Economic Partnership Agreement, which entered into force in January 2022. Lower Export Value Growth: China exported USD971 billion of products in 3Q22. This was up by 10% yoy, against 13% yoy growth in 2Q22, and was mainly contributed by export to Asia and Europe. Though exports to Europe increased, the growth rate declined. Exports to North America fell by 2% yoy due to lower demand against the backdrop of high inflation. Exports to Asia, Europe and North America accounted for 46%, 21% and 18%, respectively, of total export value.
Source: The Fitch Ratings