The Chinese economy continues to show strong signs of growth with the country housing seven of the top 10 largest shipping hubs in the world.
As consumers, we often overlook the complexity and sheer size of global trade that is behind the goods and services we consume every day.
Trade accounts for roughly 60% of global GDP—and emerging markets, particularly in the Asia Pacific region, have trade to thank in part for their economic growth in recent times.
When it comes to the movement of all these goods, shipping hubs are a crucial component of the trade ecosystem. The following data looks at the 10 largest global shipping hubs and their changes in throughput over time.
One of the biggest changes in recent years is the addition of the Yangshan Port in Shanghai. This massive port has already undergone four expansion phases since it opened in 2005.
Also noteworthy is Hong Kong’s falling position in this ranking. Only a decade ago, Hong Kong was the third-busiest port in the world. Today, facing fierce competition from nearby port facilities, Hong Kong sits in eighth place.
The Global Trade Machine
Trade and the transportation of goods and services are a fundamental component of the $88 trillion global economy. The value of all exports in 2019 was $24.9 trillion.
The Chinese economy continues to show immense strength, and the country is now the top trading partner of 128 countries around the world. China exported $2.6 trillion worth of goods last year, representing 18% of GDP and making them the largest exporter in the world. This economic prowess is also expressed through their enormous shipping hubs – 70% of the TEUs from the top 10 flow through China.
The aggregate volume of goods and services that move between the worlds largest shipping hubs has risen in relation to global trade figures over time, from 212 million TEUs in 2014 to 250 million in 2019.
