Incheon Customs Reports $65 Billion Trade Volume in Q1... 21.2% Increase YoY

[Asia Economy Reporter Dongwoo Lee] The trade volume through Incheon Customs exceeded 60 billion dollars in the first quarter of this year, showing an increase for three consecutive quarters.

According to the 'March 2021 Export-Import Trend Analysis through Incheon Port and Incheon Airport' announced by the Incheon Regional Customs Office on the 19th, last month, exports through Incheon Customs increased by 15.1% compared to the same period last year to 7.6 billion dollars, imports increased by 23.5% to 16.2 billion dollars, recording a total trade volume of 23.8 billion dollars.

Specifically, exports through Incheon Port were 2.6 billion dollars, similar to the same period last year (2.6 billion dollars), imports increased by 11.3% to 6.5 billion dollars, and total trade volume achieved 9.1 billion dollars, up 8.3%.

Exports through Incheon Airport increased by 25.1% compared to the same period last year to 4.9 billion dollars, imports rose by 33.3% to 9.7 billion dollars, and total trade volume increased by 30.4% to 14.6 billion dollars. The total trade volume through Incheon Customs in the first quarter was 65.2 billion dollars (exports 20.5 billion dollars, imports 44.7 billion dollars), up 21.2% compared to the same period last year.

Exports through Incheon Customs in March increased by 15.1% compared to the same period last year to 7.6 billion dollars, accounting for 14.2% of the national export volume. In particular, the export increase of chemical products (accounting for 13.3%, up 34.2% compared to the same period last year) was significant due to the export of 'pharmaceuticals and related products.'

By item, the order is electrical and electronic products (3.56 billion dollars), machinery and precision instruments (1.04 billion dollars), chemical products (1.00 billion dollars), steel products (460 million dollars), and transportation equipment (300 million dollars).

During the same period, imports increased by 23.5% compared to the same period last year to 16.2 billion dollars, accounting for 33% of the national import volume. In particular, the import increase of electrical and electronic devices (accounting for 33.5%, up 24.5% compared to the same period last year) due to the import of 'information and communication devices and semiconductors' and machinery and precision instruments (accounting for 17.9%, up 32.2% compared to the same period last year) due to the import of 'semiconductor manufacturing equipment and precision measuring instruments' was significant.

Last month, the export-import cargo volume (by weight) through Incheon Customs was 6.61 million tons, down 6.5% compared to the same period last year, accounting for 7.7% of the national total. Among them, export cargo volume decreased by 16.9% to 1.19 million tons, and import cargo volume decreased by 3.8% to 5.42 million tons compared to the same period last year.

The export-import cargo volume through Incheon Port was 6.33 million tons, down 7.2% compared to the same period last year; export cargo volume decreased by 20.3% to 1.05 million tons, and import cargo volume decreased by 4.4% to 5.28 million tons compared to the same period last year.

On the other hand, the export-import cargo volume through Incheon Airport increased by 22.8% compared to the same period last year to 280,000 tons; export cargo volume increased by 23.7% to 140,000 tons, and import cargo volume increased by 21.9% to 140,000 tons compared to the same period last year.

The container export-import cargo volume through Incheon Port was 270,000 TEU, up 8.0% compared to the same period last year, accounting for 10.2% of the national container cargo volume. Among them, export cargo volume increased by 16.1% to 130,000 TEU, and import cargo volume increased by 1.5% to 140,000 TEU compared to the same period last year.