Containers record high new level for the month

Container Registrations  November 2016

  Nov 16
Oct 16
Sep 16
Aug 16

1,091 805 809 793
602 444 404 461
489 361 405 332

November 2016 recorded the highest number of container registrations for the year 2016 thus far, a total of 1091 containers. Since 2013, the container registration increased by an average of 30.8% in the month of November. Nonetheless, November 2016 recorded a new high level for container registration, the highest over the past three years. This trend reflects the expectations of increased spending/consumption in the upcoming Christmas and new year’s festivities.

During November 2016, the total number of container registrations rose by 286 containers (35.5%). This reflects growth in both business and private container registrations, increasing by 158 (35.6%) and 128 (35.5%) respectively. This is due to businesses and individuals preparing for the Christmas and New Year season and other celebratory events of individuals and communities. Additionally, November 2016 recorded the highest number of cargo vessels which increased to 15 whilst the average cargo ship per month is estimated at 10 vessels.

Although there is an increase in the number of container registrations in November 2016, the amount of import payments (excluding oil) slightly fell by $0.1 million (0.3%). This could reflect the lagged effects and advance payments of import.

In year ended terms, total container registrations continued to rise by 1,538 registrations (17.4%) driven mostly by a strong rise of 794 in private containers. This indicates a rise in the informal distribution sector. Business container registrations also rose over the year by 744 registrations (14.8%). The large number of events and celebrations held during the year coincide with this annual growth. In addition, 25 extra cargo ships arrived over the year to November 2016 compared to previous year. This coincided with a $41.4 million (16.3%) rise in import payments (excluding oil) as a result of higher import payments for construction materials, vehicles and wholesale & retail.

The NRBT expects imports and consequently container registrations to generally increase in 2016/17 due to festivities which was scheduled for this financial year, supporting improvements in credit conditions. NRBT’s liaisons with the construction and transport sectors had indicated growing demand in these sectors which will also drive imports in the near future. On-going constructions projects such as the construction of the St. George Palace, LDS chapels and new private residential constructions are anticipated to contribute to the rise. Spill over effects on the trade, tourism, construction sectors and other sectors in the economy are also anticipated.

Download the full report: Container Registrations - November 2016

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