Shanghai Port Handled Record 5 Million TEU in January as U.S. Imports Surge
Officials in Shanghai are hailing a new record throughput for the port in January 2025 while saying that the ports are a “barometer” of foreign trade. It comes after a record volume at the port in 2024 and is the fourth monthly volume record set in the past 40 months as Shanghai continues to be the world’s busiest container port.
The Shanghai International Prot Group reported today, February 5, that the container port complex exceeded a monthly throughput of more than 5 million TEU. It is also the first time the port has handled more than 5 million boxes in a month. The previous monthly record was set last July (2024) when the port complex exceeded 4.8 million TEUs, with prior records in January 2022 and August 2021. The port complex set an all-time single-day high handling 172,080 TEUs during the day and night on July 21, 2024.
Port officials called it an auspicious start for the new year following on a record-setting level in 2024. Last year, the port had a throughput of 51.5 million TEU. It was the fifteenth year in a row that Shanghai had the highest container port throughput and is only rivaled by other Chinese port complexes as well as Singapore which exceeded 40 million TEU in 2024, making it the largest container port outside China.
“The performance of Shanghai Port in the first month of the new year reflects the active foreign trade and strong resilience of the country's economy,” SIP Group said in its announcement. “Looking ahead, Shanghai Port will continue to make efforts in digitalization, intelligence, and greening, continuously improve port operation efficiency and service quality.”
Port officials said their efforts would consolidate its leading position as an international hub port, and contribute to the creation of a Chinese-style modern port. They highlight a new model for handling empty containers and inland container hubs along with efforts to promote coastal cabotage, and cross-border e-commerce while empowering and focusing on the construction of the Shanghai International Shipping Center to continue the growth.
The U.S. Commerce Department today, February 5, reported that the U.S. trade deficit continued to surge driven by all-time high imports. December 2024’s trade deficit was reported at $98.4 billion, up approximately 25 percent, and the second-largest trade deficit on record topping the previous peak in March 2015. Imports drove the gap reaching approximately $365 billion up 3.5 percent for the month while exports declined nearly 3 percent to $266.5 billion.
Analysts point to the strength of the U.S. economy and consumer spending in the Biden economy as well as the rush to bring goods onshore ahead of Trump’s promises of increased tariffs. The expectation is that January 2025 figures will show a similar record-high import level and trade gap. Trump imposed a 10 percent tariff increase on China as of February 4 with the threat of 25 percent tariffs on Canada and Mexico delayed till next month and potential tariffs on goods from the European Union.