Korean ports' volumes growth slows down in November 2011

The Korean Ministry of Land, Transport and Maritime Affairs (MLTM) announced that major Korean ports saw container volumes grow 9.3% in November compared to a year ago. Although the growth rate has slowed compared with 15.8% in October, Korean ports' market health is sound.

The Korean ports handled a total of 1,819,000 TEU versus the 1,664,000 TEU seen twelve months earlier. Import and export cargos increased by 2.1% to 1,102,000 TEU, and furthermore, transshipment cargos soared by 23.7% to 672,000 TEU. Transshipment cargo volumes steadily increased for 9 consecutive months since last March with solid double-digit growth.

Busan port, the biggest port in Korea, recorded 1,370,000 TEU, up by 13.2%, and especially their transshipment cargos increased by 23.4% thanks to China's rough weather and global liners calling more at the port.

The port handled import-export cargoes of 713,000 TEU, while increasing 5.2% compared with the same period last year. But the growth rate dropped 6.5% compared with last month due to the global economic depression.

But Gwangyang Port and Incheon Port's handling cargo volumes have decreased compared to last year. The ports' volumes recorded 157,000 TEU and 170,000 TEU each, dropping by 2% and 4%, respectively, because trade with China and Thailand has decreased.

A representative from MLTM said, "On account of the gloomy economy conditions throughout the world, import-export cargo volumes’ growth rate has slowed." < 김보람 기자 brkim@ksg.co.kr >