Posted on April 15, 2020
World trade could be in for its worst year since the Great Depression, according to worst-case estimates by the World Trade Organization, but statistics at the Port of Charleston have continued to hold up fairly well — so far — under the COVID-19 strain.
Charleston’s port moved 185,631 cargo boxes through its terminals in March. That’s a 13.3 percent drop from the same month a year ago but less than the 15 percent decrease Jim Newsome, president and CEO of the State Ports Authority, predicted. Newsome said the April numbers are likely to be worse — roughly 20 percent lower than last year.
Imports led the decline in March, with the number of loaded boxes down more than 18 percent because of slowing demand from U.S. consumers who’ve been ordered to stay at home as the coronavirus spreads. Loaded exports were down 6 percent, with the inward and outward flow of empty containers making up the rest.
The Port of Virginia fared better, with loaded containers down 3.3 percent. The Port of Georgia had not reported its March totals as of late last week.
The ultimate impact on global cargo levels will depend on how quickly the coronavirus can be contained, according to the WTO report issued last week.
“If the pandemic is brought under control relatively soon, and the right policies are in place, trade and output could rebound nearly to their pre-pandemic trajectory as early as 2021 — regardless of how steep the initial fall is,” Roberto Azevedo, the organization’s director, said during a news conference. “But there are other scenarios in which trade volumes post-recovery would remain below the pre-COVID trendline.”
Source: postandcourier
