After the declination for two consecutive months, cargo at Indian ports has seen an improvement in July. Compared to last year’s July, Indian ports have handled more cargo this year. In July alone, the ports across the country have handled 593.7 lakh tonnes of cargo.
Earlier, ports across the country handled 575.5 lakh tonnes of cargo in June, as a result of slow consumptions and persisting tensions of global trade. As from the data available on the website of Indian Ports Association, a declination of 0.4% compared to the last year was witnessed.
According to a report by Goldman Sachs, the volume growth at the ports has risen by over 3% in July. The cargo list is mainly led by iron ore and fertilizers, says the report. But among these positive points, yet more reduction in coal and oil and gas-related product volumes has counterpoised positive ones.
Iron ore and fertilisers have witnessed the highest volume growth as iron ore volumes have grown for the 3rd consecutive month skyrocketing a 49% growth while the fertilizers have risen nearly 14%. The volume growth of iron ore is recorded to be the most in the last 19 months.
Around 40% of the cargo volume that is contributed by the Liquid cargo- oil and natural gas-related products, has seen declination too as for the first time in the last seven months volume growth has gone negative. Volumes of coal have fallen for the third straight month to 111 lakh tonnes in July compared to 127 lakh tonnes in June. Container volumes that is nearly 22% to overall volumes, have grown 6.5% year-on-year.