Port Records February Trade Surge

Port Records February Trade Surge

29 March 2010

Boosted by strong growth in containers, total trade through the Port of Melbourne has now drawn level with pre-GFC volumes, down just 0.1% for the financial year to date, Port of Melbourne Corporation (PoMC) announced today.

PoMC recorded a significant increase in total trade in February - up 24.6% on the same month the previous year when the GFC impacted trade volumes.

In keeping with an upward trend apparent since August 2009, total container throughput jumped 23.6% in February to a total of 188,000 TEU (twenty-foot equivalent units). The Port of Melbourne has now handled over 2.14 million TEU in the 12 months to the end of February 2010.

Full container exports continued to be a strong contributor to the positive result, increasing 9.3% over February last year to post an overall increase of 6.1% for the financial year to date. Timber (up 137%), wheat (up 82%), processed vegetables (up 82%) and paper (up 54%) all performed strongly while exports of milk powder and meat declined during the month.

Full container imports posted their fourth consecutive month of growth, increasing 28.7% over the corresponding month last year to be up 0.4% for the year to date. Insulation material (up 194%), aluminium (up 177%), furniture (up 90%), vehicle parts (up 52%), clothing (up 47%) and paper (up 47%) all contributed to the strong result while imports of pulp and wastepaper and fresh and frozen vegetables declined.

Empty container movements, an important part of the international trade logistics chain, increased significantly by 41.8% but are still down 13.8% for the year to date.

"We are delighted to see trade bounce back so strongly but these monthly figures need to be seen in context. By February 2009 we were seeing the full brunt of the GFC impact on trade volumes so the strong monthly trade growth comparison is perhaps not surprising", said PoMC Chief Executive, Stephen Bradford.

"The fact that trade through the Port of Melbourne has almost drawn level with its pre-GFC volumes is a good indicator that the Victorian economy is robust with forecast growth ahead."

The motor vehicle trade has moved into positive territory to be up 0.3% for the year to date with a massive 63.6% increase in trade compared with February last year. Overseas imports of new passenger vehicles were the largest contributor to the strong result increasing 92.6% to over 21,300 units. Overseas exports of new passenger vehicles also grew strongly posting an increase of 46.7% for the month.

For more information contact:

Name: Peter Harry, Head of Corporate Relations
Mobile: +61 (0)407 323 749
Email: [email protected]
Fax: +61 3 9683 1573


SOURCE: Port of Melbourne Corporation