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Guangdong sees drastic surge in Q1 ship exports

(Xinhua)
Updated: 2009-05-03 15:15

Guangdong province, an economic power house in southern China, sold 42,000 vessels abroad in the first quarter of this year, a year-on-year growth of 230 percent, local customs house said Sunday.

Related readings:  China COSCO plans to cut, delay ship orders  China Eximbank loads up support for shipbuilders  Shipbuilders still in doldrums

The exports were valued at $410 million, up 7.2 percent.

Of the total export value, 49.1 percent, or $200 million, is recorded by foreign-funded companies, up 14.2 percent, and 39.4 percent, or $160 million, by state-owned enterprises, down 8.8 percent.

Private businesses posted a growth of as fast as 65 percent in ship exports in the three-month period, the local customs noted.

Most of the province's ship exports went to Hong Kong and Association of Southeast Asian Nations (ASEAN) members. Sales to the European Union declined 50.5 percent to $35.57 million.