Chinese ports are experiencing significant growth in container throughput this year, reflecting the broader resilience of global trade. From January to August 2024, Chinese ports handled an astounding 220.5 million TEU, an 8.2% year-on-year (YoY) increase. This surge in volume comes at a time when supply chains remain under pressure from global disruptions, yet China’s ports continue to push forward, driving both regional and international logistics.
In August, the Port of Shanghai demonstrated its dominance once again, reporting a 7.9% YoY rise, moving 4.51 million TEU in that month alone. Over the first eight months of 2024, the port achieved a remarkable 34.75 million TEU. Shanghai’s performance continues to underscore its critical role as one of the world’s leading container hubs, where efficiency and scale come together to meet the demands of global shippers.
Meanwhile, Ningbo Zhoushan Port is keeping pace, posting a 12.9% YoY increase in August, handling 3.6 million TEU. This port, renowned for its role in supporting China’s export-heavy eastern provinces, is capitalizing on its strategic positioning along key maritime routes. Not to be outdone, the Port of Shenzhen has seen the largest growth among the major Chinese ports. Its 14.5% YoY increase to 3.15 million TEU in August reflects a strong demand for electronics and other high-value goods that flow through this critical southern hub.
However, despite these gains in throughput, the container freight rates tell a different story. In September 2024, the Ningbo Containerized Freight Index (NCFI) averaged 1763.9 points. This represents a 26.0% drop month-on-month (MoM), but a sharp 172.5% increase compared to the same period last year. The fluctuation in freight rates highlights the complexities of the current market, where a surge in capacity is being met with unpredictable demand, potentially reflecting the broader trends of reshoring and shifts in manufacturing hubs globally.
Chinese ports are clearly adapting and thriving in a challenging environment, but the industry will be keeping a close eye on freight rates as they continue to fluctuate. For now, the rise in TEU throughput demonstrates China’s continued role as a powerhouse in global trade.
