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China port sector: July throughput beat expectations

- "China’s container throughput gained further ground in June, 6% ahead of our expectations, though leading indicators are pointing to softer growth ahead: June’s throughput growth further advanced to 23% Y/Y, possibly driven by inventory re-stocking. With an average run rate of 371K TEUs per day, the month’s volume was 8% above the run rate in 1H10 and 15% above 2H09. Key highlights: 1) By region, PRD recorded the strongest gains, +28% Y/Y. 2) Among the top 8 ports, Shenzhen surged the most on a sequential basis, +9% M/M. On the other hand, new order growth momentum under China PMI continued softening, possibly pointing to softer growth ahead."

JPMorgan China Port Sector 20100810

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