Singapore Port Volume Strong in June and up for the year
While economic growth is weak to non-existent in the US and EU, Asia has shown that it can grow on its own especially the city-state of Singapore. Singapore is a good representation of how Asia as a whole is doing because its economy is heavily dependent on trade and it operates the 2nd largest port in the world measured by TEUs. Recent port volume from Singapore indicates continued growth in June with total cargo reaching 41,969,000 million tonnes, which is an increase of just over 10% year over year. Furthermore 2010 year to date cargo volume is tracking well ahead of 2009 by about 8%, signaling that Singapore has so far escaped from the EU debt crisis and possible double dip in the US economy.
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Good sign
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