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Inbound, outbound cargo drop 5 percent
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Posted on Apr 26 2005
The volume of cargo being shipped to and out of the Commonwealth dropped by 5 percent in the first half of fiscal year 2005 compared with the same period last year, amid the ongoing closures and downsizing within the CNMI garment industry.
The Commonwealth Ports Authority reported that the inbound and outbound cargo processed at CNMI seaports reached only 282,483 tons from October 2004 to March 2005. This represents a decline of 15,420 tons compared with the first six months of FY 2004.
The total inbound cargo decreased by 4 percent, from 224,073 tons in the first half of FY 2004 to 215,454 tons in the same period this year.
Likewise, the total outbound cargo posted a 9-percent drop in the first half of FY 2005. Only 67,029 tons of cargo were shipped out of the CNMI within the past six months—over 6,800 tons less than the outbound cargo during the first half of FY 2004.
In March 2005 alone, inbound and outbound cargo plunged by 12.44 percent, the biggest percentage decline to be posted since the fiscal year started.
Inbound cargo dropped by 11.01 percent, or 3,918.92 tons last month, compared to the March 2004. Meanwhile, outbound cargo fell by 16.57 percent, or 2,036.51 tons.
CPA attributed the decrease in the cargo volume to the current situation of the garment industry, which resulted from the Jan. 1, 2005 lifting of the quota restrictions that used to limit garment exports from foreign countries.
According to CPA, imports and exports by the local garment industry make up about half of the total cargo being processed at the Saipan seaport.
