Transshipments give Korea 0.4pc box hike despite import-export fall

SOUTH KOREAN container volumes through its ports edged up 0.4 per cent to 1.9 million TEU in July year on year because of a 4.7 per cent increase in transshipments, which offset a decline in imports and exports.

Ministry of Land, Transport and Maritime Affairs statistics showed transshipment cargo rose to 729,000 TEU year on year, the fourth consecutive month that transhipments surpassed 700,000 TEU, while domestic traffic fell 34.6 per cent to 24,000 TEU.

South Korea's import and export cargo fell 1.1 per cent to 1.15 million TEU in July, with exports down 8.8 per cent to US$44.6 billion in trade value and imports off 5.5 per cent to $41.9 billion.

"Export-import cargo is expected to have shrunk slightly from the same month last year amid a shrinking global economy and concerns that the country's economy will continue to shrink in the second half partly due to worsening consumer sentiments," said the government statement.

But the country's largest port, Busan, No 5 worldwide, posted a 1.6 per cent increase in volume to 1.46 million TEU in July, while Korea's second port, Gwangyang, slipped 0.8 per cent to 173,000 TEU. Incheon, South Korea's third largest port, posted a 6.4 per cent decline to 160,000 TEU.