Korean April box volume falls 2.5pc, only Incheon rises - up 11pc
CONTAINER throughput at South Korean ports fell 2.5 per cent year on year to 2.15 million TEU in April as total cargo tonnage declined 1.2 per cent to 119.32 million tons.
Volume through Busan, which handles more 75 per cent of South Korean boxes, fell 5.2 per cent year on year to 1.58 million TEU, and dropped 1.9 per cent year-to-date at 6.39 million TEU.
The Busan Port Authority posted a 7.2 per cent drop in transshipments, dashing hopes of mimicking Singapore as a transshipment hub to offset reliance on gateway and China trade.
"We seek to hedge against the downturn in container throughput in Busan Port," Busan port CEO Woo Ye Jong told IHS Media.
The lower fuel price also impacted volumes by making it more economical to extend existing services to call at more ports directly, which reduced the transshipment role.
This is an important reason behind recent throughput declines at main global transshipment hubs including Singapore and Hong Kong.
Busan's gateway business fell three per cent in April, downed by a fall in South Korean exports to China, which fell 18.4 per cent in dollar volume, making this the 10th month of continuous declines.
South Korea's exports to the US fell by just over 4.1 per cent in the first four months of the year, while those to Vietnam rose by nine per cent in the same period.
Incheon posted an 11 per cent increase to a record 223,000 TEU, as reported earlier. Import volume was up 12.3 per cent year on year to 119,000 TEU, comprising over 53 per cent of total throughput. Exports grew 10.6 per cent to 102,102 TEU.
Kwangyang, South Korea's third box port, suffered a 2.6 per cent decline to 210,000 TEU as gateway trade fell 4.9 per cent, though transshipments were up 26 per cent from a tiny base.
CONTAINER throughput at South Korean ports fell 2.5 per cent year on year to 2.15 million TEU in April as total cargo tonnage declined 1.2 per cent to 119.32 million tons.
Volume through Busan, which handles more 75 per cent of South Korean boxes, fell 5.2 per cent year on year to 1.58 million TEU, and dropped 1.9 per cent year-to-date at 6.39 million TEU.
The Busan Port Authority posted a 7.2 per cent drop in transshipments, dashing hopes of mimicking Singapore as a transshipment hub to offset reliance on gateway and China trade.
"We seek to hedge against the downturn in container throughput in Busan Port," Busan port CEO Woo Ye Jong told IHS Media.
The lower fuel price also impacted volumes by making it more economical to extend existing services to call at more ports directly, which reduced the transshipment role.
This is an important reason behind recent throughput declines at main global transshipment hubs including Singapore and Hong Kong.
Busan's gateway business fell three per cent in April, downed by a fall in South Korean exports to China, which fell 18.4 per cent in dollar volume, making this the 10th month of continuous declines.
South Korea's exports to the US fell by just over 4.1 per cent in the first four months of the year, while those to Vietnam rose by nine per cent in the same period.
Incheon posted an 11 per cent increase to a record 223,000 TEU, as reported earlier. Import volume was up 12.3 per cent year on year to 119,000 TEU, comprising over 53 per cent of total throughput. Exports grew 10.6 per cent to 102,102 TEU.
Kwangyang, South Korea's third box port, suffered a 2.6 per cent decline to 210,000 TEU as gateway trade fell 4.9 per cent, though transshipments were up 26 per cent from a tiny base.