News
The Korea Customs Service (KCS) unveiled statistics on Monday on costs for South Korea’s exports and imports in May that had been compiled from data on export and import declarations made by domestic companies.
Costs decreased from the previous month for oceangoing exports to China and Vietnam but increase for those to the U.S., the EU, the Middle East, and Japan. Costs decreased for maritime container imports from the U.S., EU, and Japan but increased for those from the Middle East, China, and Vietnam. Costs decreased for airfreight imports from the U.S. and EU but increased for those from the Middle East, China, Japan, and Vietnam.
More specifically, it took South Korea KRW5.43 million (US$3,580) per FEU for container exports by sea to the U.S. West Coast, up 10.1%; KRW5.64 million (US$3,177) per FEU for those to the U.S. East Coast, up 9.9%; KRW3.71 million (US$2,448) per FEU for those to the EU, up 1.3%; KRW6.81 million (US$4,490) per FEU for those to the Middle East, up 4.9%; KRW623,000 (US$411) per FEU for those to China, down 6.7%; KRW738,000 (US$486) per FEU for those to Japan, up 0.6%; and KRW1.74 million (US$1,145) per FEU for those to Vietnam, down 0.1%.
As for seaborne container imports, costs amounted to KRW2.97 million (US$1,955) per FEU for those from the U.S. West Coast, down 2.5%; KRW1.77 million (US$1,163) per FEU for those from the U.S. East Coast, down 26.8%; KRW1.1 million (US$724) per FEU for those from the EU, down 18.2%; KRW3.22 million (US$2,121) per FEU for those from the Middle East, up 81%; KRW1.52 million (US$1,001) per FEU for those from China, up 8.4%; KRW1.17 million (US$768) per FEU for those from Japan, down 2.2%; and KRW1.19 million (US$784) per FEU for those from Vietnam, up 4.2%.
South Korea spent KRW6,168 (US$4) per kilogram for airfreight imports from the U.S., down 4.6%; KRW7,120 (US$4.7) per kilogram for those from the EU, down 6.3%; KRW11,258 (US$7.4) per kilogram for those from the Middle East, up 40.6%; KRW4,693 (US$3.1) per kilogram for those from China, up 32.7%; KRW2,517 (US$1.7) per kilogram for those from Japan, up 15.8%; and KRW5,907 (US$3.9) per kilogram for those from Vietnam, up 4.5%.
