All eyes on China as port activity falls 20pc
THE volume of shipping at Irish ports slumped to 2005 levels in the second half of 2008 as exports and imports tumbled, according to new figures from the Irish Maritime Development Office (IMDO).
Freight and passenger traffic fell a combined 20pc as the world economy slowed, the IMDO said.
The IMDO estimates that laden imports from Asia fell by more than 13pc for the full year compared to an average growth of 7pc growth since 2003.
Tumbled
The biggest category by value within laden exports would be cars. Sales of cars have tumbled by two-thirds since the beginning of this year, dropping to 24,835 from 71,569 in the same period last year.
"This year's publication clearly illustrates the sharp correction that occurred in the real economy last year," said IMDO director Glenn Murphy. "The outlook for 2009 is equally as challenging and will force many shipping operators to take further corrective measures to adjust shipping volumes to deal with weaker industrial and consumer demand this year."
Shipping volumes are an early indicator of economic performance and are closely watched by experts to gauge how the economy is doing.
Exports of timber, steel and raw materials from China slid as the construction boom ended.
Passenger volumes at peak periods of the year also declined, resulting in an overall decline of 6pc in both passenger and car traffic numbers, the organisation said.
- THOMAS MOLLOY
