Hong Kong port volumes plummet in May

Southern China port has seen 11 straight months of volume declines, hampered by a lack of terminal space and competition from Shenzhen.    Container throughput at the Port of Hong Kong fell in May for the 11th consecutive month year-over-year, illustrating the port’s gradual decline as one of the world’s biggest container cargo facilities.
   The port has been hurt by a lack of terminal space and by the rise of neighboring Shenzhen as a more direct gateway for export cargo in South China.
   Throughput in May fell 12.7 percent to 1.7 million TEUs (including volume at river terminals) compared to May of 2014. For the year, container volumes are down 9.4 percent to 8.3 million TEUs.
   The last month Hong Kong’s volume grew on a year-over-year basis was June 2014, and volume has fallen by double digit percentage points in four of the 11 months since then.