Saudi Ports Authority Reports Significant Increase in Container Handling in May
The Saudi Ports Authority has reported a significant increase in the number of containers handled at Saudi ports in May 2021. According to the authority, the volume of standard containers handled across the Kingdom reached 709,944, an increase of 18.8 percent compared to the same month in the previous year. The authority also reported that outbound containers rose by more than 28 percent to 224,720 in May, while the number of inbound containers increased by 36 percent to 236,360.
The increase in container handling is seen as a positive sign for Saudi Arabia’s economy, which has been hit hard by the COVID-19 pandemic. The country has been working to diversify its economy away from oil and gas, and the increase in container handling is a sign that the country’s efforts are paying off.
Outbound Containers Increase by More Than 28 Percent
The increase in outbound containers is particularly significant, as it suggests that Saudi Arabia is exporting more goods to other countries. This is good news for the country’s economy, as it means that Saudi businesses are finding new markets for their products.
The increase in inbound containers is also significant, as it suggests that Saudi Arabia is importing more goods from other countries. This is good news for consumers in the country, as it means that they have access to a wider range of products at competitive prices.
Transshipment Containers Remain Stable
The number of transshipment containers remained stable in May, increasing by just 0.15 percent compared to the same month in the previous year. Transshipment containers are those that are transferred from one ship to another at a port, without being unloaded.
While the increase in transshipment containers was small, it is still a positive sign for Saudi Arabia’s economy. Transshipment containers are an important indicator of a port’s efficiency, as they show how quickly and effectively goods can be transferred from one ship to another.
Total Volume of Handled Cargo Falls
While the increase in container handling is a positive sign for Saudi Arabia’s economy, the total volume of handled cargo fell by more than 6 percent year-on-year to about 25.6 million tons. This is likely due to the impact of the COVID-19 pandemic on global trade.
Despite the decline in the total volume of handled cargo, the increase in container handling is still a positive sign for Saudi Arabia’s economy. Container handling is seen as a key indicator of a country’s economic health, as it shows how much trade is taking place.
Saudi Ports Unload 574,600 Livestock
In addition to container handling, the Saudi Ports Authority also reported that Saudi ports unloaded 574,600 livestock in May, an increase of 25 percent year on year. Livestock is an important export for Saudi Arabia, and the increase in livestock unloading is a positive sign for the country’s agricultural sector.
Foodstuff Volume Declines
However, the authority also reported that Saudi ports recorded 1.68 million tons of foodstuff in May, a decline of 3 percent compared to 1.72 million tons in May 2020. This is likely due to the impact of the COVID-19 pandemic on global food supply chains.
Despite the decline in foodstuff volume, the increase in container handling and livestock unloading is still a positive sign for Saudi Arabia’s economy. The country has been working to diversify its economy away from oil and gas, and the increase in non-oil exports is a sign that these efforts are paying off.
Conclusion
The increase in container handling at Saudi ports in May is a positive sign for Saudi Arabia’s economy. The increase in outbound containers suggests that Saudi businesses are finding new markets for their products, while the increase in inbound containers suggests that consumers in the country have access to a wider range of products at competitive prices.
While the decline in the total volume of handled cargo and foodstuff volume is a concern, the increase in livestock unloading is a positive sign for the country’s agricultural sector. Overall, the increase in container handling is a sign that Saudi Arabia’s efforts to diversify its economy away from oil and gas are paying off.