New Transportation market report from Business Monitor International: "Philippines Freight Transport Report Q2 2012"
Boston, MA -- (SBWIRE) -- 05/21/2012 -- Although average annual GDP growth over our forecast period to 2016 is predicted to be relatively healthy, we are mindful that infrastructure in the Philippines is in urgent need of investment if the country's freight sector is to reach its potential. This requirement appears to have been put at the top of the government's agenda, as shown by the planned boost to infrastructure spending in 2012, as well as proposals to improve monetary conditions in the country.
However, export growth remains a worry to the Philippine's freight sector in particular and we expect the trend of sluggish growth to continue through 2012, as increased government spending may well struggle to offset softening demand from top export partners the US, China and Japan.
Air freight is set to rise by double digits in 2012, putting the growth contractions of 2008 and 2010 behind it. This is a scenario we set to see continuing over the medium term, with growth in the sector averaging just over 8%. The maritime sector is also set to perform strongly in 2012 and over the medium, term with the country's two largest ports, the Port of Cebu and the Port of Manila, forecast to see relatively strong growth between 2012 and 2016.
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Headline Industry Data
- 2012 air freight tonnage forecast to grow 10.06% to 654,000 tonnes.
- 2012 Port of Cebu tonnage throughput forecast to rise by 8.43% to 29.87mn tonnes.
- 2012 Port of Manila International Container Terminal tonnage throughput forecast to increase 7.40% to 20.08mn tonnes.
- 2012 total trade forecast to grow 3.85%, with exports growing 2.2% compared with import growth of 5.5%.
Key Industry Trends
AHK Switches To A300-600 Freighter
In November 2011 it was announced that Air Hong Kong (AHK), a joint venture (JV) between Hong Kong-based Cathay Pacific Airways and global express and logistics company DHL Express (DHL), was to switch to an A300-600 wide-body freighter from the previously used 727-200 freighter. The move addresses the need to provide extra capacity on the service between Manila and Hong Kong.
Austal Acquires Philippine Shipyard For US$7mn
Australian shipping firm Austal spent some US$7mn on acquiring a shipyard in the Philippines in November 2011, as part of a wider move to regionalise its manufacturing base for commercial vessels, Maritime Information Centre reported. A further US$5mn is being spent by the firm to enhance the shipyard's current facilities.
Government To Privatise Davao Port In 2013
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