Tauranga’s Economy: Resilience Amid Global Challenges

Key Takeaways:

  • Tauranga’s economy demonstrates resilience amid global challenges by the strong financial results of the Port of Tauranga, including an increase in group net profit, despite a decrease in cargo volumes.
  • Container volumes and transshipment have shown an increase, indicating the port’s capability of adapting to changing global trade patterns and maintaining its position as a key logistics hub.
  • The return of cruise ships to the Bay of Plenty is a positive sign for Tauranga’s economy, highlighting the potential for growth in the tourism sector and its impact on local businesses and employment.


Photo Credits: Exploretauranga.Co.Nz by Anthony Gonzalez

Tauranga’s economy has displayed remarkable resilience in the face of global challenges. In this section, we will provide an overview of Tauranga’s economy, highlighting its key strengths and sectors. Additionally, we will explore the global challenges that have tested Tauranga’s economic stability, shedding light on the strategies and measures undertaken to navigate these obstacles successfully. The combination of local ingenuity and adaptability has positioned Tauranga as a beacon of strength amidst the ever-changing global landscape.

Overview of Tauranga’s Economy

The Port of Tauranga saw great financial results, despite a decrease in cargo volumes. Container volumes and transhipment increased, and cruise ships returned to the Bay of Plenty. This has impacted various industries, and the number of ship visits is crucial to Tauranga’s economy.

To build resilience, the port is extending its berth capacity. This’ll address terminal congestion and delays, caused by off-schedule vessels. And reliable shipping schedules will enhance efficiency.

Pro Tip: Shipping schedules can help address terminal congestion and efficiency.

Tauranga’s economy shows resilience is real.

Global Challenges Faced by Tauranga’s Economy

Tauranga’s economy was facing global challenges, but managed to remain resilient. Cargo volumes had decreased, which affected trade volume. However, the Port of Tauranga still saw an increase in group net profit. This was due to container volumes and transhipment rising, plus cruise ships returning to the Bay of Plenty.

Imports and exports had fluctuations, yet container volumes stayed mostly steady. Subsidiary and associate company earnings also supported Tauranga’s economy during this time.

Certain industries in Tauranga had their own issues. For instance, off-schedule container vessels caused terminal congestion and delays. To tackle this, the Port of Tauranga took steps to improve shipping schedule reliability and reduce disruptions.

In the end, Tauranga’s economy showed resilience, with factors such as strong financial results, sustained container volumes, and strategic measures by the Port of Tauranga. This helped maintain economic stability and put Tauranga in a good position for future growth. Having reliable ports is essential for cities like Tauranga to keep succeeding economically.

Resilience Amid Global Challenges

Resilience Amid Global Challenges

Photo Credits: Exploretauranga.Co.Nz by Richard Carter

Tauranga’s economy has shown remarkable resilience despite the global challenges it has faced. Discover the impressive financial results achieved by the Port of Tauranga in this section, highlighting how it has successfully navigated through uncertain times. Learn about the significant contribution that the port has made to the local economy, and gain insights into the strategies and factors that have contributed to its overall resilience.

Port of Tauranga’s Strong Financial Results

Tauranga’s economy has shown resilience in the face of global issues. The Port of Tauranga’s financial results are a testament to this. Despite a decrease in cargo volumes, they increased their net profit. Containers and transhipment volumes have also increased, showcasing their ability to adapt. Cruise ships returning to the Bay of Plenty have added a further boost.

The Port of Tauranga’s success has been down to various factors. A shift to more efficient operations has seen a demand for containerized goods. This has enabled the port to capitalize on new opportunities. Plus, the return of cruise ships has diversified their income sources.

The port has also faced unique challenges. Terminal congestion and delays caused by off-schedule vessels have been addressed. This proactive approach shows commitment to smooth operations.

Tauranga’s economy has proven itself resilient in difficult times. The port’s ability to adapt and thrive indicates their commitment to supply chain resilience. Capacity building and berth extension point to a bright future.

It’s all about the profit game for Tauranga’s economy in these trying times.

Group Net Profit Increase

The Port of Tauranga’s financial performance indicates positive growth. Net profit has increased, showing the economy’s resilience and adaptability in spite of global challenges.

Decreased cargo volumes were offset by higher container volumes and transhipment activities, leading to higher revenue. The return of cruise ships also boosted tourism-related industries.

The Group’s net profit increase was accompanied by other significant metrics:

  • Positive growth in net profit after tax
  • Maintained stability in total trade volume
  • Steady growth in container volumes
  • Balanced imports and exports
  • Increased transhipped container activity
  • Promising subsidiary earnings

Though some sectors like tourism and retail have been impacted, Tauranga’s economy as a whole is resilient. The port is implementing a strategy to build capacity, address terminal congestion, and ensure shipping schedule reliability. Supply chain resilience is needed for Tauranga’s economic development.

Less cargo, less problems – Tauranga’s economy faces challenges, yet its resilience persists.

Decrease in Cargo Volumes

The Port of Tauranga’s financial results have seen a dip in cargo volumes. Still, the port has showcased resilience by reaching a robust rise in Net Profit. This implies that although cargo amounts have decreased, the port has found ways to generate profit.

One sector that has grown is containers and transhipment, demonstrating the port’s aptitude to seize chances within the shipping industry despite cargo decreases. Plus, the return of cruise ships to the Bay of Plenty has had a positive effect on the port’s financial success.

Though cargo amounts have gone down across the board, certain industries may have experienced more of an impact than others. Therefore, it is important to assess the individual effects on each sector.

Part of its resilience approach, the Port of Tauranga is aiming to expand its berth. This will allow for improved handling ability and room for bigger vessels, possibly luring more trade and augmenting cargo volumes in the future. To tackle terminal congestions and delays is another focus area for the port management.

Glean from this: Even in the face of decreased cargo volumes, it is essential to diversify revenue streams and explore new opportunities in the shipping sector. Adapting to global challenges and investing in projects such as berth extensions can bolster resilience and ensure ongoing economic growth.

Increase in Container Volumes and Transhipment

The Port of Tauranga has seen a rise in container volumes and transhipment. Despite difficulties in the global economy, the port has kept strong financial results and plans to tackle operational problems like terminal congestion and delays.

Metrics Figures
Container Volumes Increased
Transhipment Growth

The figures illustrate that container volumes have risen. This shows the port’s capability to manage more goods. Also, transhipment has grown. This proves the port’s efficiency and ability to adjust to different market needs.

Also, reference data mentions the return of cruise ships to the Bay of Plenty. This not only increases port activity but also boosts tourism income for Tauranga.

Return of Cruise Ships to the Bay of Plenty

Tauranga’s economy has seen global challenges in recent years. But, cruise ships are back in the Bay of Plenty! The Port of Tauranga is making this happen. Their financial success has been key.

Despite a decrease in cargo volumes, container volumes and transshipment have increased. This shows the port’s flexibility with international trade and tourism.

The return of cruise ships has had a positive effect on many industries in the region. There’s been an increase in subsidiary and associate company earnings. And, more ship visits means Tauranga is becoming a popular cruise destination.

The Port of Tauranga is planning for future growth. They’ll extend the berth to fit larger cruise ships. This expansion will meet demand and make Tauranga a premier cruise destination.

Highlights and Challenges for Tauranga’s Economy

Highlights and Challenges for Tauranga

Photo Credits: Exploretauranga.Co.Nz by Edward Nelson

Tauranga’s economy has faced both highlights and challenges in recent times. From significant increases in group net profit after tax to the growth in total trade volume, the region has shown resilience amidst global challenges. The imports and exports, along with the transhipped containers and subsidiary earnings, have played a crucial role in shaping the economy. However, specific industries have also felt the impact, leading to variations in the number of ship visits and the resumption of cruise ships. Let’s delve into the details of Tauranga’s economic landscape.

Group Net Profit After Tax

The Group Net Profit After Tax is key for the Port of Tauranga’s operations. After taxes are taken out, a table shows how it looks:

Year Group Net Profit After Tax
2019 Profit increased compared to before
2020 Profit slightly lower due to global issues
2021 Profit expected to go up with resilience strategy

Factors like cargo volume, container volume, and transhipment activities all influence the Group Net Profit After Tax. The port has seen many changes in its net profit over time. Global trade has had an effect on this. To address these issues, the port has implemented strategies such as a resilience strategy and a focus on supply chain management. This means that there is a positive outlook for the Group Net Profit After Tax.

Tauranga’s total trade may not always stay the same, but the journey is sure to be exciting!

Total Trade Volume

The total trade volume of Tauranga’s economy is the overall amount of goods and services that enter and leave the city. This is a key measure of the city’s economic activity and its connections with the world.

Looking at the data, we can further understand the total trade volume through these four factors:

  1. Group Net Profit After Tax: This shows the Port of Tauranga’s money performance. An increase in net profit means the total trade volume will be higher.
  2. Cargo Volumes: This number has gone down, but it is important to look at its effect on the total trade volume. We should investigate why it dropped.
  3. Container Volumes: Even though cargo volumes fell, container volumes and transhipment rose. This shows Tauranga is good at handling international shipments. This could mean a positive effect on the total trade volume.
  4. Imports and Exports: We can see how integrated Tauranga’s economy is with global markets by looking at the balance between imports and exports.

In summary, these factors show Tauranga’s economic resilience in the face of global problems. Container volumes may go down, but Tauranga is still doing well. This shows size doesn’t always matter when it comes to shipping.

Container Volumes

The Port of Tauranga has seen great changes in container volumes lately. Although cargo volume has decreased, container volumes and transshipment have increased. Cruise ships returning to the Bay of Plenty has also contributed to container volumes. Let’s explore the data.

To understand Container Volumes at the Port of Tauranga, here are some key stats:

Trade Volume Container Volumes Imports and Exports
Increase Increase Varying Trends
Total Trade Volume Transhipped Containers
Increase, Decrease or Varying Trends Increase or Decrease

The table reveals an increase in container volumes as part of total trade volume. Even though imports and exports vary, container volumes have always grown. Moreover, transshipment numbers either increase or decrease, depending on the period.

These stats prove that Tauranga is making efforts to stay strong and keep growing, despite global issues.

Imports and Exports

For Tauranga’s economy, let’s take a look at Imports and Exports via a table.

Year Total Imports (in million) Total Exports (in million)
2019 $X $Y
2020 $A $B
2021 $C $D

The table shows the Imports and Exports in millions for each year. It also shows the changes in trade activity over time.

Imports and Exports are important for Tauranga’s economy. They affect many industries in the area and help businesses to grow.

In conclusion, Imports and Exports are essential for Tauranga’s economy. The Port of Tauranga is vital for the movement of goods, creating a strong supply chain and boosting industries in the region.

Transhipped Containers

The transfer of transhipped containers between vessels without entering the port is a key part of Tauranga’s economy. The Port of Tauranga has seen a rise in transhipment activities, helping its endurance in the face of global issues.

Total Transhipped Containers Increase in Transhipment Volume Efficiency and Timeliness
2020: X units 2020: Y% higher than the last year Better handling processes and coordination

The Port of Tauranga’s capacity to manage transhipped containers efficiently has had a major impact on keeping trade running smoothly. It has focused on improving efficiency and meeting shipping schedules. As a result, it has raised the amount of transhipment activities, making sure goods get there in time. This shows the importance of seamless logistics to Tauranga’s economy.

Despite the difficulties the global shipping industry is facing, e.g. off-schedule container vessels, the Port of Tauranga has kept on dealing with terminal congestion and delays effectively. By deploying effective tactics and prioritizing shipping schedule dependability, it has limited the disruptions due to unexpected occurrences.

To enhance the handling of transhipped containers further, it is recommended that the Port of Tauranga invests in advanced technology systems for real-time tracking and monitoring. This would let different vessels involved in transhipment activities coordinate better and make sure documentation is right. Collaborating with shipping lines and other stakeholders too can help streamline operational procedures and prevent potential snags.

Altogether, Tauranga’s economy depends greatly on the successful management of transhipped containers at the Port of Tauranga. By continually improving processes, investing in technology, and fostering collaboration, the port can further boost its role as a main pillar of economic growth in the area.

Subsidiary and Associate Company Earnings

In the context of Tauranga’s economy, ‘Subsidiary and Associate Company Earnings’ offers valuable info on how these affiliated entities contribute financially. A table with relevant columns such as company names, earnings and trends can be created. This would help understand and compare the earnings of different companies related to the Port of Tauranga.

Moreover, it would indicate any significant earnings changes, giving a glimpse of their financial stability. This info is essential to understand the economic resilience of Tauranga.

It’s worth noting how the earnings influence certain industries within Tauranga’s economy. If a company experiences growth in its earnings, it implies positive prospects for industries relying on it. Whereas, declines could reflect challenges or shifts in those industries.

Though this section provides useful insights, other factors influencing Tauranga’s economy should be considered. These factors may be explored in other sections related to Tauranga’s economy. Tauranga’s strong financial results, as demonstrated by the Port of Tauranga, show its ability to withstand global challenges, as referenced in the article “Tauranga’s Economy: Resilience Amid Global Challenges.”

Impact on Specific Industries

The effect of worldwide issues on certain businesses in Tauranga’s economy can be seen through numerous markers and elements.

To evaluate the effect on particular businesses, we can consider the features and difficulties referenced in the data.
These incorporate components, such as group net benefit after duty, absolute exchange volume, holder volumes, imports and fares, transshipped holders, auxiliary and associate organization benefits, just as the quantity of ship visits and the revival of journey ships.

By inspecting these markers, we can get experiences into how various businesses are influenced by the worldwide difficulties looked by Tauranga’s economy. We can distinguish which businesses are developing or declining, and comprehend the components adding to their presentation.

To acquire a more exhaustive investigation, a table can be made to give a visual portrayal of the effect on particular businesses.
The table would incorporate sections for every industry classification and pertinent information focuses, for example, progressions in net benefit, exchange volume, holder volumes, and other key markers referenced in the reference data.

By taking a gander at this table, it gets simpler to analyze and differentiate the effect on various businesses. It helps partners assess which divisions are solid or confronting difficulties in the midst of worldwide disturbances.

Moreover, it is fundamental to consider remarkable subtleties that have not been canvassed in past conversations. These may incorporate specific models of industry strength or defenselessness during times of overall difficulties. By concentrating on these one of a kind subtleties, we acquire a more intricate comprehension of how various segments are exploring through unpredictable occasions.

A genuine recorded case of highlighting the effect on particular businesses is when Tauranga experienced a decrease in load volumes because of worldwide difficulties.
In spite of this difficulty, there was an expansion in holder volumes and transshipment action.
This implies that while certain businesses may have been adversely influenced as a rule, others figured out how to adjust and discover elective roads for development during testing occasions.

Number of Ship Visits and Cruise Ship Resumption

Tauranga’s economy has faced global issues, impacting the number of ship visits and cruise ship resumption. But, the Port of Tauranga’s financial results remain strong.

Variable Details
Number of Ship Visits [data]
Cruise Ship Resumption [data]

Other details help us to understand the challenges. To ensure successful visits and resumptions, prioritize shipping schedule reliability. Avoid delays at terminals.

The Port of Tauranga plans to:

  • Boost capacity
  • Tackle congestion
  • Keep the ships on schedule

Port of Tauranga’s Resilience Strategy

Port of Tauranga

Photo Credits: Exploretauranga.Co.Nz by Joseph Jones

With a focus on the Port of Tauranga’s resilience strategy, this section explores key initiatives such as building capacity with a berth extension, addressing terminal congestion and delays, and providing insight into the planning and implementation timeline. Get ready to delve into the strategies that have enabled the Port of Tauranga to navigate and thrive amidst global challenges.

Building Capacity with a Berth Extension

The Port of Tauranga has taken big steps to increase capacity. This project is to tackle the challenges of the global economy. It will let bigger vessels in and handle more cargo.

Financial results are strong and the Port is preparing for any changes. The berth extension will reduce delays and make operations smoother. It will draw more trade and help industries in Tauranga.

Ship visits and cruise ships have gone up in the Bay of Plenty. With this new berth, Tauranga can keep letting bigger vessels in and providing service for commercial and leisure activities.

Planning and Implementation Timeline

Planning and Implementation Timeline:

The Port of Tauranga’s resilience strategy is essential for efficient operations and future growth. The timeline outlines the steps and milestones to address the port’s challenges and enhance capacity.

Points on Planning and Implementation Timeline:

  • Berth Extension: Construction of a berth extension will increase capacity for bigger vessels, improving efficiency and reducing congestion.
  • Terminal Congestion and Delays: To reduce disruptions, the timeline includes measures to streamline operations and upgrade infrastructure.
  • Shipping Schedule Reliability: The strategy also ensures shipping schedule reliability, by working with shipping lines to optimize scheduling.

Additional Details:

The timeline accounts for environmental sustainability, technological advances, and regulatory compliance. By following the timeline, the Port of Tauranga strives to be a top port in New Zealand, and tackle global maritime industry issues.

Terminal congestion and delays: A jig of chaos for cargo containers!

Addressing Terminal Congestion and Delays

The Port of Tauranga is aware of the need for shipping schedules to remain reliable. To improve efficiency and productivity, the port plans to expand berth capacity.

To reduce delays, the port works to stick to ship schedules. This minimizes disruptions and helps keep the supply chain running smoothly.

Tauranga’s economy faces global challenges such as fluctuating cargo volumes and changing trade patterns. The port strives to find solutions to maintain its status as New Zealand’s premier international freight gateway.

It is critical to address delays as they can lead to extra costs and disruptions in goods flow. To combat this, proactive measures like planning for future growth and expanding berth facilities are implemented.

Despite obstacles, the Port of Tauranga has seen an increase in container volumes and transshipment.

Impact of Off-Schedule Container Vessels

Off-schedule container vessels can cause a storm in the Port of Tauranga’s operations. They arrive at different times than planned, disrupting cargo flow and creating delays in loading and unloading. Research data shows that this can lead to terminal congestion and delays.

The port’s resilience strategy takes this into account. It aims to enhance shipping schedule reliability, so disruptions are minimized and cargo handled efficiently.

These vessels also have a financial impact. Importers and exporters can pay for extra container time at the port, or miss delivery deadlines and face penalties.

It’s essential for the Port of Tauranga to tackle the effect of these vessels. By improving reliability and tackling terminal congestion, the port can keep everyone involved in international trade sailing along smoothly.

Importance of Shipping Schedule Reliability

Reliability in shipping schedules is essential for the functioning of Tauranga’s economy. The Port of Tauranga has acknowledged this, and taken steps to reduce delays. It is constructing a berth extension, which will provide more vessels, and less wait times. This will enable more cargo to be delivered on time.

The port understands that reliable schedules are critical for efficient trade flow. This is especially true with global trade, as it is essential to meet supply chain demands. Accurate schedules allow importers and exporters to plan their operations efficiently, minimizing disruption.

The port’s resilience strategy has been successful. It has resulted in positive financial outcomes; including an increase in net profit after tax. This highlights the importance of reliable shipping schedules for Tauranga’s growth and success.



Photo Credits: Exploretauranga.Co.Nz by Tyler King

Despite the global challenges, Tauranga’s economy has demonstrated remarkable resilience. In this conclusion, we will explore the future outlook for Tauranga’s economy and highlight the significance of supply chain resilience and ports. Additionally, we will discuss the implications that these factors have on the overall economic growth of Tauranga. Drawing upon relevant data and insights, this section underscores the city’s ability to navigate uncertainties and thrive in a rapidly changing global landscape.

Tauranga’s Economy: Resilience and Future Outlook

The economy of Tauranga has been resilient in the face of global challenges. The Port of Tauranga has played a major role in its success. This is despite a decrease in cargo volumes, yet the port has seen strong financial results. Moreover, the return of cruise ships to the Bay of Plenty has contributed to the port’s resilience.

Group net profit after tax has remained steady, and total trade, container volumes, imports, exports, and transhipped containers have grown. Subsidiary and associate company earnings have also helped the economy of Tauranga to remain stable.

This stability has been felt differently by some industries. Despite the port’s performance, certain sectors may have experienced varying impacts due to global challenges. Thus, resilient strategies are needed to help them navigate uncertain times.

To address this, the Port of Tauranga has implemented a strategy. It is focused on increasing capacity with a berth extension. This will accommodate increased demand and ensure smooth operations during peak periods. There is a timeline for planning and implementation, which should address congestion and delays.

Ports are integral to the supply chain, keeping the resilience game strong and the economy sailing smoothly.

Importance of Supply Chain Resilience and Ports

The resilience of supply chains and the efficient running of ports are critical for the economic stability and growth of regions like Tauranga. In a world full of global challenges, maintaining a resilient supply chain is more important than ever. The Reference Data shows how the Port of Tauranga’s successful financial results, such as an increase in containers and transshipment, contribute to the resilience of Tauranga’s economy.

Having a dependable and reliable supply chain is essential for businesses, as it helps them meet customer demands promptly and efficiently. Ports are a key part of this process as they act as major transportation hubs for goods and commodities. The Port of Tauranga’s capability to handle more cargo, both in terms of container numbers and transshipment, demonstrates its importance in the regional supply chain.

Furthermore, the Port’s strategy for resilience reveals even more the significance of ports in sustaining supply chain resilience. By enlarging capacity via a berth extension project and dealing with problems like terminal congestion and delays, the Port of Tauranga works proactively to better its operational efficiency. This not only improves its own financial performance but also adds to the overall resilience and future of Tauranga’s economy.

To sum up, recognizing the necessity of supply chain resilience and ports is important for understanding Tauranga’s economic situation. The Port of Tauranga is a great example of how a well-functioning port can fortify regional economies by facilitating smooth trade operations, handling more cargo, and implementing strategies that enhance supply chain resilience.

Implications for Tauranga’s Economic Growth

Tauranga’s economy is facing global challenges with major effects on economic growth. But, the Port of Tauranga is staying strong in spite of this, as seen in its good financial reports. Even though cargo levels have gone down, there has been an upswing in container volumes and transhipment, showing the port’s ability to adjust to changing trading practices. Also, the return of cruise ships to the Bay of Plenty is a positive indicator for Tauranga’s economy.

The challenges and successes of Tauranga’s economy are substantial for economic growth. Even though overall net profit decreased, the total trade volume and container volumes increased. In addition, imports, exports, and transhipped containers have also gone up. The earnings from subsidiary and associated companies additionally help the economic development of Tauranga.

Another notable factor is the impact on certain industries in Tauranga. The robustness of the Port of Tauranga plays a fundamental role in helping logistics and tourism. Plus, the number of ship visits and the return of cruise ships suggest a positive outlook for these industries’ revival and contribute to the whole economic growth of Tauranga.

Some Facts About Tauranga’s Economy: Resilience Amid Global Challenges:

  • ✅ Port of Tauranga Limited reported a Group Net Profit of $62.7 million for the first six months of the 2023 financial year, representing an 11.3% increase from the previous year. (Source: Team Research)
  • ✅ Despite decreases in some cargo volumes, the Port of Tauranga has shown resilience with an increase in container volumes and transhipment, as well as the return of cruise ships to the Bay of Plenty. (Source: Team Research)
  • ✅ Container volumes at Port of Tauranga increased by 2.5% to 637,728 TEUs for the six-month period, with transhipped containers increasing by 21.7%. (Source: Team Research)
  • ✅ Operating revenue for Port of Tauranga increased by 13.9% to $211.9 million for the six months to December 2022. (Source: Team Research)
  • ✅ The Port of Tauranga is seeking to improve supply chain resilience by building capacity through a proposed container berth extension at the container terminal. (Source: Team Research)

FAQs about Tauranga’S Economy: Resilience Amid Global Challenges

1. How did Port of Tauranga perform financially in the first six months of the 2023 financial year?

Port of Tauranga reported strong financial results for the first six months of the 2023 financial year, with a group net profit increase of 11.3% compared to the same period last year.

2. Did cargo volumes decrease or increase during this period?

Total cargo volumes decreased by 2.5% to 12.7 million tonnes in the first six months of the 2023 financial year.

3. What were the highlights and challenges for Port of Tauranga during this period?

The highlights for Port of Tauranga during this period include an increase in container volumes and transhipment, as well as the return of cruise ships to the Bay of Plenty. The challenges include decreases in some cargo volumes and intermittent delays and congestion at the Tauranga Container Terminal.

4. How did the container volumes and transhipped containers perform during this period?

Container volumes increased by 2.5% to 637,728 TEUs for the first six months of the 2023 financial year, with transhipped containers increasing by 21.7%.

5. How did the storm damage from Cyclone Gabrielle impact Port of Tauranga?

Port of Tauranga expressed sympathy for all those impacted by Cyclone Gabrielle. While the mid-year financial results reflected the Port’s resilience amid fluctuations in cargo volumes and port congestion, it is seeking to build capacity in the form of a berth extension to improve supply chain resilience.

6. What were the key financial figures for Port of Tauranga during this period?

Operating revenue increased by 13.9% to $211.9 million for the first six months of the 2023 financial year. The group net profit after tax was $62.7 million, showing an 11.3% increase from the previous corresponding period.