In particular, dry bulk trade expanded by 6.7 per
cent in 2012, in line with the long-term trend, driven
mainly by two main commodities – iron ore and coal.
Trade in iron ore rose by 5.4 per cent, though this
was considered the slowest increase in more than a
decade. A strong increase in China’s demand was
met by exports from Australia and, to a lesser extent,
by long-haul shipments from B razil. Meanwhile,
imports from I ndia, previously China’s third largest
supplier, dropped by over 50 per cent as a result of
rising export taxes on iron ore as well as mining and
export bans. Coal shipments increased significantly
(12.3 per cent) driven by strong demand for steam
coal (14.2 per cent) stemming from the recovery in
European imports and rapidly growing imports by
China. I n the United States, greater use of domestically
produced shale gas resulted in an increase in its
coal exports, which in turn lowered international coal
prices and drove up global demand for coal.
In particular, dry bulk trade expanded by 6.7 per
cent in 2012, in line with the long-term trend, driven
mainly by two main commodities – iron ore and coal.
Trade in iron ore rose by 5.4 per cent, though this
was considered the slowest increase in more than a
decade. A strong increase in China’s demand was
met by exports from Australia and, to a lesser extent,
by long-haul shipments from B razil. Meanwhile,
imports from I ndia, previously China’s third largest
supplier, dropped by over 50 per cent as a result of
rising export taxes on iron ore as well as mining and
export bans. Coal shipments increased significantly
(12.3 per cent) driven by strong demand for steam
coal (14.2 per cent) stemming from the recovery in
European imports and rapidly growing imports by
China. I n the United States, greater use of domestically
produced shale gas resulted in an increase in its
coal exports, which in turn lowered international coal
prices and drove up global demand for coal.
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