3rd Quarter Port Import and Export Cargo Volume Up 8.6%... "Additional Supply of Terminal External Storage Areas"

[Image source=Reuters Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] In the third quarter, the volume of import and export cargo handled at national trade ports increased by 8.6% compared to the same period last year, reaching a total of 338.85 million tons. The Ministry of Oceans and Fisheries announced that it will make every effort to resolve logistics congestion by supplying export cargo storage spaces outside terminals.

The Ministry of Oceans and Fisheries stated on the 24th that the volume of import and export cargo in the third quarter increased by 8.6% year-on-year due to the global economic recovery, which led to increased volumes of petrochemical-related products, automobile imports and exports, liquefied natural gas (LNG), and raw materials such as thermal coal.

Coastal cargo volume was recorded at 54.18 million tons, a 5.5% increase from the same period last year (51.37 million tons). This was largely due to increased volumes of petrochemical-related products, cement, and sand. Including this, the total port cargo volume handled at national trade ports was 393.03 million tons, an 8.1% increase from the same period last year (363.53 million tons).

Container cargo volume handled at national ports in the third quarter increased by 3.2% year-on-year to 7.34 million TEU (1 TEU equals one 20-foot container), with both import/export and transshipment volumes rising compared to the same period last year (7.12 million TEU). Import/export volume was 4.13 million TEU, a 1.3% increase from the same period last year (4.07 million TEU). Exports decreased by 2.2% to 2.06 million TEU, while imports increased by 5.1% to 2.07 million TEU. Trade with the United States, a major trading partner, increased by 21%. Transshipment volume handled was 3.18 million TEU, a 5.6% increase from the same period last year (3.01 million TEU).

By major ports, Busan Port handled 5.56 million TEU, a 5.9% increase from the same period last year. Exports and imports to the United States increased by 17.7%. Incheon Port recorded 810,000 TEU, a 5.8% increase from the same period last year. Gwangyang Port handled 525,000 TEU, a 1.6% decrease from the same period last year.

Non-container cargo volume handled at national ports in the third quarter was 261.71 million tons, a 9.1% increase from the same period last year (239.99 million tons).

By major ports, Gwangyang Port handled 65.57 million tons, an 8.3% increase from the same period last year, due to increased volumes of petroleum and steel material imports and automobile transport. Ulsan Port recorded 44.19 million tons, a 2.4% increase. Incheon Port saw a 13.5% increase to 26.12 million tons due to increased volumes of petroleum and steel products. Pyeongtaek-Dangjin Port handled 24.93 million tons, a 16.9% increase, supported by increased imports of petro-gas and steel materials.

Park Young-ho, head of the Port Logistics Planning Division at the Ministry of Oceans and Fisheries, said, "Due to global maritime logistics congestion and a shortage of shipping capacity, the cargo storage rate (berth occupancy rate) within Busan Port's container terminals is high," adding, "We will continuously monitor terminal occupancy rates and supply additional export cargo storage spaces outside terminals."