Shanghai is now the world's busiest port, after overtaking Singapore in container traffic in 2010, reports Bloomberg.
Citing data provided by the Shanghai municipal government, Bloomberg says traffic in 2010 rose to 29.05 million, 20-foot equivalent units, or TEUs--about 500,000 TEUs more than Singapore. Shanghai’s cargo volume was about 650 million metric tons last year, it said.
“This is just one more illustration of the rising importance of the Chinese economy, which is already the world’s largest trading economy,” David Cohen, an economist at Action Economics Ltd. in Singapore, told Bloomberg. “Still, there’s more than enough business to go around for Shanghai, Singapore and Hong Kong as economies expand.”
The Shanghai municipal government says the increase in Shanghai’s container traffic was driven by the growing domestic economy, the recovery in Europe and the U.S. and the Shanghai 2010 World Expo.
According to Bloomberg, Singapore overtook Hong Kong as the world’s busiest container port in 2005.
MORE ARTICLES ON EXPORTS