The latest data from China's ports and rail networks paint an optimistic picture for global trade, with container throughput and cross-border freight volumes surging in the first quarter of 2024. Analysts view these figures as key indicators of economic resilience and a broader rebound in international commerce.
Port Performance Signals Trade Revival
China's ports handled 76.7 million twenty-foot equivalent units (TEUs) during Q1 2024, marking a 10% year-on-year increase . Foreign trade throughput grew by 9.5%, reinforcing China's pivotal role in global supply chains.
Shanghai Port maintained its position as the world's busiest container port, processing 12.45 million TEUs . Ningbo-Zhoushan and Guangzhou ports followed with 9.14 million and 6.09 million TEUs respectively. Notably, Beibu Gulf Port recorded the highest growth at 20.4% , with Shenzhen and Ningbo-Zhoushan ports posting increases of 16.2% and 11.7%.
The exception was Xiamen Port, which saw a 1.8% decline , potentially reflecting regional economic adjustments or shifts in specific trade routes.
China-Europe Rail Network Expands Capacity
The China-Europe Railway Express continues to strengthen trade links between Asia and Europe. Hangzhou Customs reported 741 train trips on the Yixinou route in Q1 2024, carrying 61,000 TEUs , representing year-on-year growth of 1.9% and 1.2% respectively.
Customs authorities have implemented round-the-clock clearance services and flexible inspection scheduling to maintain operational efficiency. New routes, including the Jinhua-Budapest line, are expanding the network's reach.
Guangzhou Customs data shows 141 outbound trains from Guangzhou International Port through April, carrying goods worth 3.738 billion yuan (a 7.85% increase). The railway network now connects to 223 cities across 25 European countries , with cumulative trips exceeding 89,000.
Russia-China Trade Gains Momentum
Rail freight between Russia and China grew by 36% in 2023 , with Q1 2024 showing an 8% increase . Russian Railways attributes this growth to optimized border crossings and increased train volumes under bilateral agreements.
While the overall trade outlook appears positive, analysts caution that regional disparities in port performance and potential external economic factors warrant continued monitoring to assess the sustainability of this recovery.