South Korea's trade surpasses 2 million TEU per month for first time

South Korea saw its shipping volumes break a new record.

The Korean Ministry of Land, Transport and Maritime Affairs (MLTM, Minister Kwon Do Youp) announced that total container cargo volume at Korea’s major ports

measured 2,016,000 TEU in May, while climbing by 8.0% from 1,867,000 TEU during the same period last year.

This is the first time in history for the total container traffic volume to surpass 2 million TEU in a month. In addition, the total transshipment cargo traffic has also set records for the third straight month.

Transshipment cargos expanded by 19.9% compared with last May, owing to global liners calling more and more at Busan port. The volume measured 805,000 TEU for whopping double-digit rates of increase for 15 months in a row since March 2011.

Although the uncertainty of the global economic situation and slowdown in China's economic growth has been worrisome for many, South Korea's import/export cargo has increased. The import/export traffic was 1,174,000 TEU, increasing by 2% from 1,154,000 TEU in May 2011.

Port by port, Busan Port, the biggest port in South Korea, showed 9.7% growth compared with last year's figure in the total container traffic, recording 1,552,000 TEU.

Cargo traffic at Gwangyang Port reached 190,000 TEU, increasing by 10.4% over the last year. The figure is the 3rd biggest monthly traffic ever for the port, thanks to increasing import/export cargo to and from China and America.

On the other hand, Incheon Port saw their cargo volumes decrease by 2.1% to 166,000 TEU due to drops in trade with Japan. But the import/export cargo to and from China rose slightly by 1.2%.

A representative from the MLTM said, "We expect to achieve our goal for traffic volume in 2012 (23,300,000 TEU) if transshipment cargoes keep growing like we’ve seen recently." < 김보람 기자 brkim@ksg.co.kr >