#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.
Irish Trade: Food exports to UK - The UK imports over 30% of its food consumption and remains the largest export market for Irish food and drink, with 42% of Irish food and drink exports destined for the UK market in 2013. The value of these exports rose 8% in 2013 to € 4.2bn, over €1bn higher than in 2009. Beef and dairy exports were particularly strong, with beef exports increasing €90m to €1.12bn, dairy exports up €150m to €1.1bn. 37% of Ireland's total dairy exports now go to the UK.
UK Economy: IMF raises growth forecast for Britain as recovery proceeds - The International Monetary Fund last week raised their forecast for the UK's GDP growth to 2.9% for the current year, up from an earlier projection of 2.4% in January, as stronger than anticipated growth has been observed in the UK. According to the IMF, the stronger rebound in growth was due to easier credit conditions and increasing confidence, although exports and business investment continued to disappoint, leading to cautions of an unbalanced recover.
Ports: Mega-alliances to place pressure on European Intermodal transport - Increasing vessel size and fewer port calls are expected to place further pressure on intermodal transport on the European continent, according to Drewry Maritime Research. Over the last two years, the average container vessel size on the Asia/North Europe trade lane has increased by 17% to reach nearly 11,000TEU, while the number of port calls has dropped from 104 to 87. The establishment of the P3 Alliance later in the year will further increase the average container vessel size on the route and will see port calls in Northern Europe drop from 41 to 32 for Maersk, MSC and CMA CGM.
For more on each of the above and other stories click the downloadable PDF IMDO Weekly Markets Review (Week 15). In addition to coverage on Afloat.ie's dedicated Ports & Shipping News section.
