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Saudi Ports Handle 28m Tons of Cargo in May

Saudi Ports Handle 28m Tons of Cargo in May
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Saudi Ports Handle 28m Tons of Cargo in May

Saudi Ports Handle 28m Tons of Cargo in May

Saudi Arabia’s ports handled more than 28 million tons of cargo in May, the Authority (Mawani) revealed on Thursday. Tnumber of containers amounted to 613,000, an increase of 6.36 percent compared to the same period in 2019.

According to Mawani’s statistical index, the number of vessels received by Saudi ports during the same month amounted to 919, 10,000 passengers, 57,000 vehicles and 480,000 heads of livestock.

“This remarkable increase affirms the strength of the Saudi economy, its supply chains and commercial traffic,” Mawani said in a statement.

“It highlights the quality and effectiveness of the Kingdom’s performance and continued business in efficient and competent manners, in light of the economic challenges the world is facing due to the coronavirus pandemic.”

Mawani aims to contribute in stimulating the logistic services industry, facilitating and supporting import and export processes in the Kingdom and making them more smooth, flexible and competitive.

This comes within its strategic plans and ambitious initiatives that seek to enhance the competitiveness of its services and raise the level of its maritime, operational and logistical operations, for a promising future for the logistic services sector and for Saudi ports.

In other news, the Saudi Grains Organization (SAGO) announced on Thursday issuing its fourth tender in 2020 to import 960,000 tons of feed barley for supply during August and September.

Governor of SAGO Eng. Ahmad Abdulaziz al-Fares said the amount specified is distributed on 16 ships. Twelve of these ships will arrive in the Kingdom’s ports on the Red Sea and the four other ships will arrive in the Arabian Gulf ports.

The tender is an extension to the Kingdom’s plan to meet the local demand for feed barley and maintain its strategic reserve, Fares stressed.

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China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
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China's Industrial Profits Narrow Decline but 2024 Likely Worst Year in Decades

An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer
An employee works at a carbon fibre production line inside a factory in Lianyungang, Jiangsu province, China October 27, 2018. REUTERS/Stringer

China's industrial profits fell at a slower clip in November, official data showed on Friday, but the annual decline in earnings this year is expected to be the worst in over two decades due to persistently soft domestic consumption.

The world's second-largest economy has been struggling to mount a strong post-pandemic revival, as business and household appetites for spending and investment remain subdued amid a prolonged housing downturn and fresh trade risks from the incoming US administration of President-elect Donald Trump.

Industrial profits fell 7.3% in November from the same month last year, following a 10% drop in October, National Bureau of Statistics (NBS) data showed, Reuters reported.

The narrower decline in November pointed to improved profits as recent economic stimulus measures start to have an effect, said Zhou Maohua, a macroeconomic researcher at China Everbright Bank.

The profit numbers were also in line with a slower decline in factory-gate prices in November. The producer price index fell 2.5% year-on-year versus the 2.9% drop in October.

The World Bank on Thursday revised up its 2024 economic growth forecast for China slightly to 4.9% from its June forecast of 4.8%.

Still, in the first 11 months of 2024, industrial profits declined 4.7%, deepening a 4.3% slide in the January-October period, reflecting still tepid private demand in the Chinese economy.

China's full-year industrial profits are set to show their biggest drop in percentage terms since 2011. However, when smaller companies are included under a previous compilation methodology, this year's profit decline is expected to the worst since at least 2000.

A spate of economic indicators released this month pointed to mixed results, with industrial output accelerating in November while new home prices fell at the slowest pace in 17 months.

The industrial sector is undergoing an uneven recovery amid insufficient demand, Zhou said, pointing to difficulties facing real estate and some related industries as evidence of this malaise.

China's leaders vowed in a key policy meeting this month to raise the deficit, issue more debt and loosen monetary policy to maintain a stable economic growth rate. The government also recently pledged to step up direct fiscal support to consumers and boosting social security.

Beijing has agreed to issue a record $411 billion special treasury bonds next year, Reuters reported.

Profits at state-owned firms fell 8.4% in the first 11 months, foreign firms posted a 0.8% decline and private-sector companies recorded a 1% fall, according to a breakdown of the NBS data.

Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.7 million) from their main operations.