Sri Lanka’s Colombo container volumes up 5.1-pct in Sept 2019

ECONOMYNEXT – Sri Lanka’s Colombo Port has handled 604,400 container in September 2019, up 5.1 percent from a year earlier, with weak imports in both Sri Lanka and India in the wake of monetary instability in 2018.

In the nine months to September Colombo handled 5.427 million twenty foot equivalent units (TEUs), up 3.9 percent from a year earlier.

Domestic container volumes were up 2.5 percent 108,735.

Volumes in the first seven months were down 7.2 percent to 943,442 as Sri Lanka imports fell amid a credit collapse.

Sri Lanka’s central bank printed money in 2018 in a bid to keep rates down as the economy recovered from a previous currency crisis, triggering another collapse of the country’s unstable soft-peg labeled a flexible exchange rate.

India has also seen similar problems after a steep fall of its currency.

Transshipment volumes were up 5.2 percent to 483,240 TEUs in September and total volumes were up 5.5 percent to 4.366 million TEUS.

In September 2018 Colombo’s transshipment volumes grew 12.8 percent to 459,211 TEUs, and total volumes in the nine months were up 19.5 percent amid double digit import and export growth in India. (Colombo/Nov24/2019)