Port of London sees growth as US tariff-free ethanol imports reach highest ever levels

• Port of London sees third consecutive quarter of growth
• Trade in aggregates and building materials fell and are 9% below levels last year
• There have been spikes in imports of oil and ethanol 

The Port of London Authority’s quarterly trade report shows there was 14.7m tonnes of trade through the port in the three months to end September – representing the third consecutive quarter of growth.  

As is usual, trade continued to be heavily made up of imports – accounting for about 80% of trade. However, exports are running at higher than they were last year. The strength of trade in container vessels continues to be maintained, too, making up 51% of all tonnage through the port this year. 

While trade in aggregates and products used in construction have fallen, there have been notable spikes in the trade of oil, where imports increased by 19%, and ethanol, which saw a marked increase to the highest ever recorded level through the port.

The rise in imports of ethanol - key to the UK’s efforts to move towards sustainable aviation fuel - comes after the UK and US agreed a tariff-free import quota for US ethanol, and at a time when UK ethanol production seems to be winding down. 

Steve Lockwood, CFO at the Port of London Authority, said:

“Trade through the Port of London remains strong and to see quarter-on-quarter growth yet again speaks to the resilience and attractiveness of the port. 

“The diversity of trade – with significant growth in oil and, in particular, ethanol, seems to follow the geo-political moves relating to trading tariff arrangements. While these situations evolve, it is encouraging to see global trade is seeing and embracing the opportunities of coming through the UK’s biggest port.”