News
The Port of Busan in South Korea processed 4.786 million TEUs of containers in the first quarter (January-March) of this year, which decreased 0.44% year on year, according to preliminary figures unveiled by the Busan Port Authority (BPA). Exports and imports increased 2.14% to 2.376 million TEUs in total, but transshipment (T/S) containers declined 2.87% to 2.41 million TEUs, having an adverse impact on the fall in overall container throughput.
By major trade partner, 688,000 TEUs were moved to and from Japan, which waned 1.09%. Export and import containers sank 2.37% to 316,000 TEUs. T/S cargo remained nearly unchanged, going down a minute 0.02% to 372,000 TEUs.
To and from the U.S., 733,000 TEUs were carried, which improved 6.74%. In breakdown, a total of 351,000 TEUs were exported and imported, climbing 6.86%. T/S shipments were as brisk, rising 6.62% to 382,000 TEUs.
Busan exported and exported 1.207 million TEUs in total to and from China, which only grew 0.63%, while 763,000 TEUs were transshipped, contracting a more significant 1.15%.
Containers to and from the top three trade partners—China, the U.S. and Japan—accounted for 55.49% of the total.
The most notable increase was registered in shipments to and from Iran, which surged 50.31% to 36,430 TEUs. Growth was even greater in exports and imports, which soared 87.95%. In late June of last year, the trade route between South Korea and Iran was reopened, as the global community had lifted its economic sanctions against Teheran, making a contribution to the remarkable growth in container movement between the economies.
