Vietnam's seaport commodities exchanges reach peak expansion since 2019
Date
8/20/2024 9:24:44 AM
(MENAFN) In the first seven months of this year, Vietnamese seaports have achieved a milestone with the highest volume of goods passing through in the past five years, according to a report by Vietnam News citing the Vietnam Maritime Administration. The total volume of goods processed during this period was an impressive 501.12 million tons. This figure represents a significant 16 percent increase compared to the same period in 2023. Additionally, container cargo throughput saw a notable rise, reaching 16.902 million TEUs, which is a substantial 21 percent increase year-on-year.
This exceptional growth rate is the highest recorded in the past five years, outpacing the average growth rate of 5.5 percent observed during the same period in previous years. The sharp increase in both the total goods volume and container cargo throughput underscores a strong expansion in Vietnam’s maritime trade and port activities, reflecting the country’s growing importance as a global trade hub.
Alongside this surge in port activity, recent trends in sea freight rates have shown a decrease. Specifically, freight rates have dropped by approximately 4 percent compared to the previous week. This reduction is attributed to an increase in shipping capacity and a decrease in the pressures associated with peak season demands. The easing of these pressures has led to more favorable conditions in the shipping market, highlighting a shift in operational dynamics within the industry and potentially offering cost benefits to shippers and importers.
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