Chinese sales of vessels jump 170 percent

China has reported that the country sold over 1,400 vessels abroad in the first seven months of this year, a surge of 170 percent on the same period of last year.

The exports were valued at US$10.58 billion, a jump of 61.6 percent, according to the General Administration of Customs. The administration attributed the growth to the nation’s comparative advantages in labour costs, ship building technology and infrastructure for the business. The total export value included US$3.49 billion for container vessels, up 81.7 percent, US$2.84 billion for liquid cargo ships, a rise of 53.3 percent, and US$2.04 billion for bulk cargo ships, a jump of 54.6 percent. The three categories combined to account for 79.2 percent of the total ship export value. Nearly 90 percent of the exports were achieved through processing trade.
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