Higher private container registrations recorded over October
- Category: Economic Release
- Posted: 04 April 2017
Container Registrations October 2016
|Oct 16||Sep 16||Aug 16||Jul 16
The total number of container registrations slightly declined over the month by 4 registrations (0.5%) despite an additional cargo ship arriving in October 2016 compared to the previous month. This was due to a fall in the registration of private containers by 44 registrations (10.9%), offsetting an increase of 40 registrations in business containers. However, the total number of containers registered in October 2016 is still much higher than the number of containers registered in October 2015.
The lower registrations coincided with a $4.4 million (14.8%) decrease of import payments (excluding oil) in October 2016. All categories for import payments (excluding oil) contributed to the monthly decline, with payments for government and public enterprises imports decreasing the most by 73.4% ($2.6 million).
Over the year to October 2016, total container registrations continued to rise by 1,573 registrations (18.1%) driven mostly by a strong rise of 924 in private containers. This indicated a rise in the informal distribution sector. Business container registrations also rose over the year by 649 registrations (12.9%). The large number of events and celebrations held during the year coincided with this annual growth. In addition, 20 extra cargo ships arrived during the year compared to the previous year. This coincided with a $40.4million (16.1%) rise in import payments (excluding oil) as a result of higher import payments for construction materials, vehicles and wholesale & retail goods. This reflected the on-going construction activities in the country and the continuous rise in vehicles registered over the year by 90 vehicles (35.0%). This in turn supports the government’s revenue collection.
The NRBT expects imports and consequently container registrations to generally increase in 2016/17 due to festivities scheduled for this financial year including the Church of Jesus Christ Latter Day Saints centennial celebration, annual church conferences, one-off events such as family reunions and other on-going activities in the country. Strong credit growth is projected to continue in 2016/17 which will support growth in imports. Furthermore, NRBT’s liaisons with the construction and transport sectors had indicated growing demand in these sectors which will drive imports in the near future. On-going projects such as the construction of the St. George Palace, LDS chapels and new private residential constructions are anticipated to contribute to the rise. Spill over effects on the trade, tourism, construction sectors and other sectors in the economy, is also expected.
Download the full report: Container Registrations - October 2016