Export cargo amounts plummeting in Inchon

Throughput of cargoes through the Port of Inchon during the five months from January to May 2001 stood at 49.44 million tons, similar to levels last year, 50 million tons.

Among those cargoes, exports till May dropped by around 20 percent to 6.24 million tons compared to 7.77 million tons during the same period last year. As cars have historically been a major export through Inchon, last February's strikes at Daewoo, along with Hyundai and Kia's move to Pyoungtae k took a serious toll on Inchon's total export cargoes. Major export items consisted of cars and accessories (25.1%), chemical products (18.7%) and iron (14.1%).

Imports took 44 percent of total cargoes or 21.78 million tons, a decreased 3 percent compared to last year. This was in part due to declines in demand (22%) for grain and feed caused by mad cow disease (BSE) scares and deregulation opening the livestock market. Other declines were recorded for meat, iron and timber. The main import items included oil (41.4 % of the total), grain (13.7%), timber (6.4%), feed (5.4%) and iron products (4.9%).

43% of total cargoes, or 21.42 million tons, contributed to coastal cargoes. Most coastal cargoes consisted were inbound, especially chemical products and sand.

Container cargoes slipped by 2 percent to 248 thousand TEU from 253 thousand TEU a year earlier. These declines followed the growing trend to ship cargoes by land.