Incheon Port Cargo Volume Sets New Record for 5 Consecutive Months... Expectation to Achieve This Year's Target

Panoramic view of Hanjin Incheon Container Terminal at Incheon New Port
[Photo by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] Incheon Port continues to see an increase in container cargo volume despite the prolonged COVID-19 pandemic.

According to the Incheon Port Authority on the 22nd, last month's container cargo volume at Incheon Port was 276,813 TEU (1 TEU equals one 20-foot container), an 11.2% increase compared to the same month last year. This figure is 8.8% higher than the previous record for August cargo volume of 254,469 TEU set in 2017.

Notably, from April this year through last month, the port has recorded the highest monthly container volumes in history for five consecutive months. The cumulative volume up to last month reached 2,116,966 TEU, showing a 4.1% increase compared to the previous year.

Among the total cargo volume last month, imports accounted for 136,939 TEU, representing 49.5% and an 8.1% increase year-on-year, while exports reached 134,142 TEU, up 11.8% from the previous year. Transshipment and coastal cargo volumes were recorded at 4,956 TEU and 777 TEU, respectively.

The increase in container cargo volume at Incheon Port is attributed to the addition of five new China and Southeast Asia route services this year, which has raised the usage rate of Incheon Port by importers in the metropolitan area.

Last year, Incheon Port's container cargo volume was 3.09 million TEU, marking the first negative growth in seven years since 2012. The authority has set this year's cargo volume target at 3.25 million TEU, the same as last year's target.

To achieve this goal, the port needs to handle more than 280,000 TEU each month from September to December. Since monthly volumes have consistently ranged between 270,000 and 290,000 TEU since April this year, it is analyzed that maintaining the current trend makes the target achievable.

Lee Jeonghaeng, Vice President of Operations at Incheon Port Authority, stated, "We expect the upward trend in cargo volume to continue in September, allowing us to exceed this year's target of 3.25 million TEU. We will continue to improve the export-import logistics environment by opening new route services and provide high-quality port logistics services to customers using Incheon Port."