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Freight Transport by Sea in China Industry Data and Analysis
The Freight Transport by Sea industry in China is mainly engaged in shipping exported items to their destination countries and territories from China and shipping imported items from other countries. Therefore, the industry's performance is extremely sensitive to the global economic climate as well as situation of China economy, as these determine the international trade between China and other countries.China has been the largest country in goods trade since 2017. In 2023, total import and export value of goods in China reached $5.9 trillion, down by 5.0% from 2022, ranking the first in the world for seven consecutive years despite the decrease. Largest international trade scale has stimulated the demand for ocean shipping services. Industry revenue is expected to increase at an annualized 5.8% over the five years through 2024. This includes anticipated increase of 8.1% in the current year, to $59.7 billion, mainly due to the low freight rates.The freight transportation volume by sea in China in 2020 and 2022 has increased by 0.6% and 2.2% year on year, mainly due to the repeated COVID-19 pandemic in China. However, the efficiency of global logistics turnover has decreased due to the prevention and control measures of COVID-19 pandemic. Freight rates have stayed high since the second half year of 2020 resulted by the serious congestions in some ports and short supply of container positions. Industry revenue realized year-on-year growth of 19.8% in 2020, 88.3% in 2021 and 13.4% in 2022. Freight rates have dropped dramatically in 2023, leading to a decrease in industry revenue, by 52.1% from 2022.Industry revenue is forecast to rise at an annualized 8.1% over the five years through 2029, to $88.1 billion. The recovery of China's economy and the largest international trade scale between China and other countries will continue to support the industry growth. The implementation of RCEP will also stimulate international trade between China and member countries, and further promote the demand for ocean shipping services.
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What's included in this industry analysis
IBISWorld's research coverage on the Freight Transport by Sea industry in China includes market sizing, forecasting, data and analysis from 2014-2029. The most recent publication was released May 2024.
About this industry
What's this industry report about?
The Freight Transport by Sea industry in China operates under the industry code 5421. Businesses in the Freight Transport by Sea industry provide cargo transportation services between China and other countries, and lease ocean-going freighters equipped with operators. This industry only includes businesses that make trans-oceanic journeys using ships made in China. Passenger delivery and coastal freight transportation are excluded from the industry. Related terms covered in the Freight Transport by Sea industry in China include china containerized freight index (ccfi), twenty-foot equivalent unit (teu), dry bulk and liquid bulk.
What's included in this industry?
Products and services covered in Freight Transport by Sea industry in China include Dry bulk shipping, Container shipping and Liquid bulk shipping.
What companies are included in this industry?
Companies covered in the Freight Transport by Sea industry in China include China COSCO Shipping Corporation Limited, China Merchants Energy Shipping Co., Ltd. and SITC International Holdings Company Limited.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Freight Transport by Sea industry in China.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Freight Transport by Sea industry in China.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Freight Transport by Sea industry in China.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Freight Transport by Sea industry in China. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Freight Transport by Sea industry in China. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Freight Transport by Sea industry in China. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Freight Transport by Sea industry in China. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Freight Transport by Sea industry in China.
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Frequently Asked Questions
What is the market size of the Freight Transport by Sea industry in China in 2026?
The market size of the Freight Transport by Sea industry in China is $59.7bn in 2026.
How many businesses are there in the Freight Transport by Sea industry in China in 2024?
There are 791 businesses in the Freight Transport by Sea industry in China, which has grown at a CAGR of 0.6 % between 2019 and 2024.
How may import tariffs affect the Freight Transport by Sea industry in China?
The Freight Transport by Sea industry in China is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Freight Transport by Sea industry in China?
The Freight Transport by Sea industry in China is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Freight Transport by Sea industry in China grown or declined over the past 5 years?
The market size of the Freight Transport by Sea industry in China has been growing at a CAGR of 5.8 % between 2019 and 2024.
What is the forecast growth of the Freight Transport by Sea industry in China over the next 5 years?
Over the next five years, the Freight Transport by Sea industry in China is expected to grow.
What are the biggest companies in the Freight Transport by Sea industry in China?
The biggest companies operating in the Freight Transport by Sea industry in China are China COSCO Shipping Corporation Limited, China Merchants Energy Shipping Co., Ltd. and SITC International Holdings Company Limited
What does the Freight Transport by Sea industry in China include?
Dry bulk shipping and Liquid bulk shipping are part of the Freight Transport by Sea industry in China.
Which companies have the highest market share in the Freight Transport by Sea industry in China?
The company holding the most market share in the Freight Transport by Sea industry in China is China COSCO Shipping Corporation Limited.
How competitive is the Freight Transport by Sea industry in China?
The level of competition is moderate and increasing in the Freight Transport by Sea industry in China.
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