Far East trade down at least 40%

With Far East business dealings down by at least 40%, the outlook for the months ahead in this particular market remain moderate, says Sue Wood, operations director of Cargocare Freight Services. “Almost all the markets, with the exception of Hong Kong and Taiwan, slumped quite significantly,” says Wood. But much is expected with the development of the BRIC (Brazil, Russia, India and China) initiative by the Department of Trade and Industry that is intended to improve volumes once the global economy improves. “I think in this period of time, for everybody, not just people in our industry but across the board, the greatest challenge is the unpredictability of what is happening at the moment.” And while the global recession according to predictions may have bottomed out, the recovery is going to take time. Having watched and monitored the situation on a day-by-day basis, Wood says that while there are plans to expand and develop new markets in the Far East, one has to be careful at present not to make long-term changes and alterations. “One only has to read the number of articles about the number of empty containers sitting outside Singapore to know that services have been cut back. Shipping lines are trying their best to control and even manipulate the markets to their own benefit.” Wood says there is no doubt that even though the global economic downturn did impact on Cargocare’s business the company remains strong – thanks to customer relationships and trust built up over the years. “We may not be having as good a year as we had last year, but we will definitely come out of this the better for the experience.”