China Sea Freight Transport Market Size

China Sea Freight Transport Market Analysis

The maritime industry in China is expected to grow at a CAGR of more than 3% during the forecast period. China imports and exports goods to nearly every country on the planet. Foreign trade makes a significant contribution to the country's GDP. Chinese commodities are in high demand all around the world (either finished goods or raw materials). China has become the world's only major economy to post positive GDP growth in 2020. Despite a 6.8% decrease in the quarter ending March 2020, when China was coping with a spike in Covid-19 cases, the annual growth rate for 2020 has been raised to 2.3 percent. As a result of the Covid-19 pandemic, China's foreign trade has endured severe shortages, container rejections, port congestion, exports down 54.1 percent, imports down 49.6 percent, and sky-high freight prices.

China's cargo exports and imports primarily rely on two modes of transportation: sea and land, with the China-Europe express train serving as the primary mode of land transportation. As a result, the shipping channel has been contracted to more than 85% of the total volume of commodities exported and imported.Sea freight transport is critical to China's trade-oriented economy, and it has played a significant part in the country's development. The following are the major growth drivers in the Chinese sea freight transportation industry: Because of its overall competitiveness, China is gaining market share from other Asian countries through organic growth. The industry's main powerhouse is China's incredible rate of economic expansion. The containerization of bulk freight.

Due to the covid-19 epidemic in 2020, manufacturing has halted, trade volumes in numerous countries have fallen, and the shipping market's expansion has been significantly affected. In a very short amount of time, the internal epidemic was effectively handled, the economy gradually recovered, industrial production quickly rebounded, domestic products were provided to the global market, and demand for export trade rose. The cargo throughput of Chinese ports reached 13.25 billion tonnes from January to November 2020, an increase of 4.18 percent over the same period in 2019. The container growth rate of major global ports has remained negative in the first three quarters of 2020, while the container throughput of Ningbo Zhoushan Port, Guangzhou Port, Qingdao Port, and Tianjin Port has maintained positive growth trends to varying degrees, indicating that the domestic market is recovering.