China’s shipbuilders sailing smooth as wave of demand drives exports
- Ship and container exports for China in the first half of 2024 have reached years-long heights, as Red Sea crisis and fleet depreciation create new demand
China’s ship exports for the first half of the year reached their highest level since the coronavirus pandemic- attributed to supply chain disruptions from the Red Sea crisis as well as global fleet renewals – with container exports reaching a new high since the country’s reopening in late 2022.
China’s container exports were up 155 per cent year-on-year in June, with the value of exports up 85.97 per cent according to customs data.
In the first half of the year, China exported US$6.8 billion in value via container – up 71.67 per cent year-on-year – and the volume of exports also went up 113.16 per cent in the same period.
The country also took 54.22 million deadweight tonnes of new orders with 171.55 million deadweight tonnes in orders on hand, accounting for a respective 74.7 per cent and 58.9 per cent of the world’s market share.
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China’s ship exports reached US$20.7 billion in the first half of the year, an increase of 85.2 per cent year-on-year – the highest level of ship exports over the first half of any year since the start of the pandemic. Container exports, meanwhile, have reached a new peak after a sustained spike in 2021.
