In-depth | CHINA SHIP NEWS
Euro debt crisis sees impact on China ship exports
Te effect of the global economic crisis on China’s trade in ships is increasing, and the Euro debt crisis has substantially weakened market demand, seriously hindering China’s commodity exports including ships and marine equipment. Zhang Shou Chun and Zhang Su Ping report*
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ince the outbreak of the international financial crisis, the recovery of the world’s major developed countries has
been slow and a relatively large amount of uncertainties still exist. With the slowing of global economic
growth and the Euro crisis worsening, a new round of economic depression is highly likely. The impact of the global economic
crisis on China’s imports and exports is increasing and the crises in Europe and the US have weakened market demand and hit the exports of China’s ships and ship accessories hard. The development of an import-export
trade in ships and ship accessories is closely related to the development of the international shipping and shipbuilding markets. In 2011, the global shipping market demonstrated a declining trend. Serious problems such as overcapacity
and low rates widely existed in the container, dry bulk and oil transport sectors of the global shipping market. It will be difficult to overcome these unfavourable factors including the problems in the shipping sector and the worsening of the world’s economy in the short run.
Impact gradually revealed In 2011, China’s ship exports maintained a low growth rate; the total export value reached US$48.11 billion, up 6.6% from the previous year. In the first 11 months in 2011, China’s ship and ship accessories export amounted to US$42.11 billion, of which US$39.775 billion came from ship exports and US$2.333 billion came from ship accessories exports. Te 11-month values of ship and ship
accessories exports grew year-on-year by 8% and 20.3% respectively in 2011. Bulk vessels, oil tankers and containerships are the major exported
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Rongsheng Shipyard along with other Chinese yards is facing severe challenges in the face of a deepening economic crisis
ship types. The value of bulk ship exports is the largest among all ship types, making up more than 55% of the total ship export value. Asia and Russia are the major export
markets of China’s ship products. More than 50% of China’s ship products flowed to Asian markets, a majority of which were done in the mode of processing trade and the second most popular export mode was general trade. Te volumes of both export modes have
grown slightly. In 2011, the slowing of the growth of China’s ship and ship accessories exports has on the one hand reflected the weakening demand in the global shipping market, while on the other hand reflected the pressure of rising integrated costs faced by China’s ship and ship accessories exports. Factors that reflect rising integrated
costs include increasing labour costs, the appreciation of the Yuan, and rising prices of equipment and raw materials.
Europe is one of the major markets of
China’s import-export trade, including the trading of ship products. Despite its dreadful economic situation right now, Europe is still an important market for China’s ship products. Te worsening of the Euro crisis will surely have a serious impact on China’s exports and severely damage the bilateral trade between China and Europe. Europe is the most developed shipping
market with the world’s major shipowners concentrated on the continent. Hamburg is the largest shipping centre in the world; countries such as Greece and The Netherlands still possess apparent advantages over ship design, shipbuilding technologies, and the technologies and production of ship equipment such as marine diesel engines. According to the 110th (Autumn)
sessions of Canton Fair in 2011, the actual trading volumes of buyers from Europe
The Naval Architect September 2012
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