News
In 2009, 2,145,160 TEUs of local and feeder containers were traded between South Korea and China, a decrease of 12% from the 2,438,367 TEUs handled in the previous year, according to the Yellow Sea Liners Committee (YSLC).
The negative growth was registered for two years in a row, as they fell 5.2% year on year in 2008.
In breakdown, westbound shipments from South Korea to China were brisk, going up 7.9% to 996,064 TEUs, but eastbound containers from China to South Korea were not, plunging 24.2 percent to 1,149,096 TEUs.
As Beijing implemented a package of business-stimulation measures, South Korea enjoyed notable improvements in exports of semiconductors, liquid crystals and other electronic parts and components as well as parts and components for transport machinery.
As such, South Korea increased its trade surplus with China approximately 150 percent from a year earlier to US$33.8 billion.
In respect to containerized shipments moved from China to South Korea, on the other hand, primary metals, which surged quantitatively in 2008 as demanded by the shipbuilding and auto industries, declined nearly 70 percent, having an adverse impact on the overall eastbound container movement.
In 2009, exports to and imports from China accounted for 20.53% of South Korea’s overall trade, an increase of 0.9 percentage points from the 19.63% marked in 2008.
As those to and from the United States held a share of approximately 10 percent, which was just 50 percent as much, China boosted its presence as the leading trade partner to South Korea.
