News
Trade ports in South Korea handled a total of 25.948 million TEUs of containers in 2016, according to an announcement made by the nation’s Ministry of Oceans and Fisheries. The total container throughput increased 1% year on year from 25.681 million TEUs, despite the sluggishness in the global economy, the collapse of Hanjin Shipping Co., Ltd. and other adverse factors. In breakdown, exports and imports improved 4.6% to 15.374 million TEUs in total, but transshipment (T/S) containers decreased 3.8% to 13.012 million TEUs.
By port, container lifting declined a very minute 0.2% to 19.433 million TEUs at Busan, a main gateway to South Korea, but it managed to defend its status as the world’s sixth busiest container port. Exports and imports were brisk, growing 2.6% to 9.609 million TEUs in total. By trade partner, containers to and from China went up 4.7% to 1.851 million TEUs; to and from Japan, up 5.1% to 1.34 million TEUs; to and from Europe, up 1.1% to 1.067 million TEUs and to and from Vietnam, up 7.5% to 341,000 TEUs. In contrast, T/S containers decreased 2.8% to 9.824 million TEUs resulting from the bankruptcy of Hanjin Shipping.
Inchon processed 2.677 million TEUs, which surged 12.6%. By partner, containers to and from Vietnam hiked a notable 26.5% to 51,000 TEUs, as a free trade agreement (FTA) had come into effect between South Korea and the Southeast Asian economy. Those to and from China also enjoyed a double-digit expansion, soaring 11.2% to 160,000 TEUs. The port has set a goal of handling 3 million TEUs of containers this year.
On the other hand, containers declined 4.4% to 2.224 million TEUs at Kwangyang. Exports and imports rose 2.1% to a total of 1.788 million TEUs, but T/S containers plunged 24.1% to 438,000 TEUs, working as a major factor behind the decrease in total throughput.
