The combined volume of shipments processed at trade ports in South Korea increased 0.8% from the previous year to 1.638 billion tons in 2019, posting the smallest year-on-year growth in 10 years, according to figures compiled by the nation’s Ministry of Oceans and Fisheries (MOF).
Containers accounted for 573.9 million tons, up 0.5%. In terms of volume, they totaled 29.12 million TEU, up 0.5%. Non-containerized shipments amounted to 1.064 billion tons, which also improved minutely, going up 0.2%. It is analyzed the trade war between the U.S. and China, enhancements in the restrictions on exports from Japan of high-tech products to South Korea and other factors had contributed to shrinking trade, having adverse impacts on growth in container throughput.
As for container throughput at major ports, Busan handled 21.91 million TEU, up 1.1%, comprising 10.33 million TEUs of exports and imports, up 0.9%, and 11.58 million TEU of transshipment (T/S) containers, up 1.4%. To and from Kwangyang, 2.38 million TEU were moved, down 1.3%. Exports and imports accounted for 1.8 million TEU, down 1.2%, while 580,000 TEU were transshipped, down 1.6%. Inchon did not do well, either, processing 3.09 million TEU, down 1.1%.
