Latest news with #tradehub
Arab News
2 days ago
- Business
- Arab News
Saudi ports post 13% rise in container volume in May: Mawani
RIYADH: Saudi Arabia's seaports handled 720,684 twenty-foot equivalent units in May, a 13 percent year-on-year jump, driven by growth in imports, exports, and transshipment activity, official figures showed. According to data from the Saudi Ports Authority, also known as Mawani, imported containers rose 15.84 percent from a year earlier to 292,223 TEUs, while exported volumes increased 9.38 percent to 279,318 TEUs. Transport, or transshipment, containers also climbed 12.89 percent to 149,143 TEUs, reflecting the Kingdom's growing role as a regional trade hub. The uptick in activity highlights the ongoing expansion of port infrastructure and logistics services across the country. It also supports the goals of Saudi Arabia's National Transport and Logistics Strategy, which seeks to position the Kingdom as a global logistics center under Vision 2030. In a release, Mawani stated: 'The total tonnage handled — general cargo, solid bulk cargo, and liquid bulk cargo — increased by 1.40 percent to reach 21,337,699 tonnes compared to 21,042,684 tons during the same period last year.' It added: 'The total general cargo amounted to 935,932 tonnes, solid bulk cargo 5,059,899 tonnes, and liquid bulk cargo 15,341,868 tonnes.' The ports received 1.63 million heads of livestock, up 61.22 percent compared to 1.01 million during the same period last year. Maritime traffic also picked up, with vessel calls rising 9.39 percent to 1,083 ships, while the number of passengers grew 68.15 percent to reach 95,231. The number of vehicles handled increased by 13.09 percent year on year to 84,352 units. The positive momentum follows a strong performance in April, when Saudi ports handled 625,430 standard containers, up 13.4 percent from a year earlier. In 2024, Mawani announced several major initiatives, including agreements and groundbreaking projects to establish eight new logistics parks and hubs at Jeddah Islamic Port and King Abdulaziz Port in Dammam, with a combined private sector investment of approximately SR2.9 billion ($773 million). These efforts are part of a broader strategy to enhance the competitiveness of Saudi ports and reinforce the Kingdom's position as a global trade and logistics hub. The initiatives form part of a larger SR10 billion investment plan to develop 18 logistics parks across Saudi terminals, all overseen by Mawani.
CNA
3 days ago
- Business
- CNA
Local food manufacturers staying competitive amid global trade uncertainty
The Singapore Food Manufacturing Association says more foreign companies are looking to break into the local market, especially with the country's position as a key trade hub amid the ongoing tariff uncertainty. Caitlin Ng finds out how local businesses are staying ahead amid this rising competition.
Independent Singapore
03-06-2025
- Business
- Independent Singapore
RHB economist: Infrastructure investment, port upgrades, and digitalisation key to keeping Singapore's trade hub status as businesses reroute amid trade volatility
Photo: Freepik/onlyyouqj SINGAPORE: Continued infrastructure investment, port facilities upgrades, and digitalisation are key to keeping Singapore competitive as a global trade hub, according to Barnabas Gan, RHB Bank's group chief economist. This comes after logistics firms said more businesses are turning to Singapore as an alternative route for goods, amid global trade volatility brought by sweeping US tariffs, Channel News Asia (CNA) reported. From January to April this year, port operator PSA Singapore reportedly handled 6% more container traffic than the same period in 2024, moving around 14.1 million twenty-foot equivalent unit (TEU) containers. Changi Airport also recorded a 2% rise in air freight movements in the same period, according to data published on its website on May 22. Maersk, one of the world's largest container shipping firms, reported it has handled more cargo in the region and expects the trend to continue into the second quarter, with front-loading activity picking up. Bhavan Vempati, the company's head of Asia Market, Ocean Product, told CNA that Singapore plays a critical role in Maersk's network and is a transshipment hub for Asia. He noted that some companies are taking a 'wait-and-see' approach, while others are diverting cargo to alternative destinations and market segments in response to tariff changes. FedEx shared a similar view, noting that air freight demand remains strong in Southeast Asia. The company's vice president of Southeast Asia operations, Bianca Wong, said this is the advantage of the city-state. 'When Southeast Asia grow(s), we see more volume coming to Singapore as transhipments,' she said. RHB's Mr Gan also said that forming partnerships within the Association of Southeast Asian Nations (ASEAN) will help Singapore's ports to maintain its position as a primary trading hub. On April 15, FedEx launched a new direct cargo flight from Singapore to the US and announced it will invest more in its air connectivity networks. Meanwhile, PSA said it is investing in technology, automation, and artificial intelligence (AI) to speed up vessel turnaround times and maintain the smooth flow of goods. /TISG Read also: Trade costs force 42% of Singapore firms to raise prices, HSBC finds
