Horgos Port, a crucial hub for trade between China, Central Asia and Europe, handled more than 34.88 million tonnes of import and export goods in the first three quarters of the year, hitting a record high and ranking first among ports in northwest China's Xinjiang Uygur Autonomous Region, according to customs data.
The port’s exports primarily consist of new energy vehicles, electromechanical products, high-tech items and clothing. Notably, Horgos has become the largest land port for automobile exports in China, with 296,000 vehicles exported from January to September, setting another record.
"This year, we exported nearly 1,000 commercial vehicles through Horgos Port, with a total value of 170 million yuan (23.8 million U.S. dollars). There is now a variety of customs clearance options for commercial vehicles, including local declaration, integrated declaration and direct transit. These options have increased our choices and significantly facilitated our business operations. We are quite optimistic about the prospect for exporting domestic vehicles," said Wang Xuyun, director of Horgos Huashang International Trade Co., Ltd.
To further improve the port's efficiency, Horgos Customs has implemented around-the-clock cargo clearance, focusing on enhancing cargo transit efficiency.
"We have proactively taken reform measures such as a direct transit mode between road port and the places of origin, and a rapid clearance mode between smart railway port and the places of origin. In addition, we have implemented facilitation measures like advance declaration and real-time inspection, ensuring around-the-clock customs clearance services," said Zhan Yang, director of the first supervision section of Horgos Customs.
Horgos Port sees record cargo throughput in first three quarters
The energy price shock triggered by tensions in the Middle East is weighing on German consumers and industry, placing further downward pressure on Europe's largest economy.
Sustained high oil and natural gas prices are expected to hit both Germany's economy and the global outlook, according to analysts.
"The economic outlook for Germany, and indeed for the global economy, depends crucially on the course of the conflict. This means that we will face a shortage of energy -- oil and gas -- for the foreseeable future, leading to sustained high energy prices. Naturally, this puts a strain on the German economy and also on the global economy," said Timo Wollmershauser, a researcher at the ifo Institute for Economic Research.
Escalating tensions in the Middle East are also denting German consumer confidence, as households grow more cautious about the economic outlook as energy bills climb, according to analysts.
"Germany is facing a major energy price shock. Rising oil prices are eroding real incomes across the country. People are noticing the impact at the pump, for example, and consequently have less money available for other expenses. As a result, consumption will be affected. Overall, this will weaken economic development in Germany," said Oliver Holtemoller, vice president of the Halle Institute for Economic Research.
As growing uncertainty undermines the confidence of German firms and financial markets, further clouding the prospects for an economic recovery, several German research institutes have revised down their projections for the country's future growth.
While the U.S.-Israel-Iran conflict continues, much attention is focusing on the severe disruption to shipping through the Strait of Hormuz -- a vital passageway which typically carries around one-quarter of global seaborne oil trade.
The current crisis along the Strait of Hormuz came as part of Iran's response to U.S.-Israeli operations, which saw it restricting navigation through the strait and targeting any vessels associated with the U.S. or Israel.
German industry, consumers affected amid Mideast energy shock
