Indian Cargo Volumes Rise To Six-Month High In April

Cargo handled by Indian ports in April rose the most in the last six months despite a drop in iron ore, fertiliser and other merchandise volumes.

Volume growth at India's ports increased by 5.7 percent in April, greater than the long-term average growth rate of 4.5 percent, according to data compiled from Indian Ports Association website and Goldman Sachs.

Ports across the country handled 600.7 lakh tonnes of cargo in April, according to a Goldman Sachs report. The higher growth rate was led by liquid cargo, coal and containers.

Liquid cargo—oil and gas related products—volumes grew nearly 15.6 percent compared with last year, or the highest in over a year, according to Goldman Sachs. Coal volumes, too, jumped after four months of decline, rising 18 percent to 164 lakh tonnes in April.

Fertiliser volumes, however, declined as much as 36 percent to 7.4 lakh tonnes over last year, the lowest in two years. Iron ore volumes fell for the fifth consecutive month, albeit at a smaller rate.

Container volumes which grew 5.4 percent compared with last year, witnessed its slowest growth in the last eight months. Goldman Sachs believes the continued container volume growth will benefit Adani Ports And Special Economic Zone Ltd. and Container Corporation of India Ltd.