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S. Korea’s seaport cargo volume down 7.6 pct in Jan.

Cargo processed at South Korean ports slipped 7.6 percent in January compared with the previous year as shipments of raw materials and vehicles fell on weak demand, government data showed Tuesday.

The total volume of sea cargo reached 128 million tons in January, compared with 138.8 million tons a year earlier, according to data by the Ministry of Oceans and Fisheries.

Shipments of sand tumbled 42.5 percent, while autos and cement retreated 24.7 percent and 23.8 percent, respectively.

In contrast, the movement of chemicals rose 13.8 percent and that of petroleum products increased 2.8 percent, both helped by oil price rallies.

Non-container cargo decreased 8.6 percent on-year to 89.81 million tons, while container freight gained 2.1 percent to 2.25 million twenty-foot equivalent units (TEUs), the latest data showed.

The Port of Busan, South Korea’s maritime gateway on the southeastern coast, handled 31.62 million tons of cargo last month, followed by the southwestern port of Gwangyang with 24.09 million tons and Ulsan on the southeast coast with 17.4 million tons.

By nation, shipments to China, the South Korea’s largest trading partner, inched down 0.4 percent, while those to the United States rose 8.2 percent last month, helped by brisk exports of memory chips and petrochemical products.
Source: Yonhap

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