News
South Korea traded 364,900 TEUs of containers with eight other Asian economies in April, which increased 15% from 316,600 TEUs in the same month of last year. The trade has marked a year-on-year throughput increase for nine consecutive months since August 2023.
South Korea exported 176,400 TEUs, up 12%, and imported 188,500 TEUs, up 19%, which have remained on the rise for eight straight months since September 2023 and nine straight months since August 2023, respectively.
Looking at South Korea’s exports and imports by trade partner, those to and from Vietnam accounted for 127,700 TEUs, up 26%, holding the largest share of the pie. Containers to and from Thailand, Indonesia and Malaysia all increased in double digits, up 22% to 55,400 TEUs, 22% to 48,000 TEUs and 13% to 42,000 TEUs, respectively. In contrast, exports to and imports from Taiwan shrank 1% to 19,300 TEUs to and from Singapore. Those to and from Hong Kong plunged 14% to 18,000 TEUs, a year-on-year contraction for two years and seven months since October 2021.
Turning to freight rates, those from South Korea to Southeast Asia are surging. The KOBC Container Composite Index (KCCI), an indicator for ex-Busan container freight rates, has averaged 559 points since the beginning of the month, an increase of 18% from an average of 473 points in April, according to Korea Ocean Business Corp. (KOBC). The average KCCI has continued to grow for sixth consecutive months since December 2023 and, in particular, has risen in double digits since January.
Meanwhile, the Southeast Asia Freight Index (SEAFI), an indicator unveiled by the Shanghai Shipping Exchange (SSE) for spot rates for container exports from Shanghai Southeast Asia, reached 2,260.97 points in Week 21, a rise of 46% from 1,544 points in April. The SEAFI has averaged above 2,000 points since the beginning of the month. It would be the second time for the index to exceed the 2,000-point line since hitting 3,109 points on average in August 2022.