Specifically, the trade agreement between the EU and Singapore will also lead to additional upswing for seaborne foreign trade in the Port of Hamburg and also provide benefits to national economies in the EU and Singapore, as Axel Mattern, Joint CEO of Port of Hamburg Marketing commented.
Port of Hamburg - Singapore trade resulted to:
- A total of 4.3 million tons of seaborne cargo were transported between Hamburg and Singapore in 2018.
- In the first nine months of 2019, container transport rose to 305,000 TEU, a 4.1% advance on the same period of 2018.
Singapore is the world’s second largest port for seaborne container handling. In addition, Singapore is an important trading hub for additional distribution of freight in the region, given that freight traded in in direct container traffic between Hamburg and Singapore is transhipped there to neighbouring countries in the region.
For the time being, the two ports are connected via 15 liner services, 9 containers and 6 for general cargo.
Port of Hamburg reports that about 10,000 German -based companies trade with Singapore, with many German products, such as chemical products, machinery and plant, special steels, or furniture and foodstuffs, being sought to the region.
This is the first bilateral trade deal between the EU and a state in SE Asia.