Impact of COVID-19 Intensifies... April Export and Import Cargo Volume Down 11.6%

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Due to the spread of the novel coronavirus infection (COVID-19), export and import cargo volume decreased by more than 11% last month.

On the 26th, the Ministry of Oceans and Fisheries announced that the export and import cargo volume in April was 103.45 million tons, down 11.6% compared to the same month last year (116.99 million tons). The total port cargo volume handled at national trade ports also decreased by 8.9% to 121.84 million tons compared to the same month last year (133.76 million tons).

An official from the Ministry of Oceans and Fisheries explained, "The decline in export and import cargo volume in April has significantly expanded compared to February (-1.7%) and March (-4.8%)," adding, "This indicates that the impact of COVID-19 is becoming more pronounced."

However, coastal cargo volume increased by 9.6% to a total of 18.39 million tons compared to the same month last year (16.77 million tons). This is because sand cargo volume increased significantly to 2.59 million tons (14.1% of coastal cargo volume) compared to 280,000 tons in the same month last year, following the resumption of sand extraction permits in the Incheon area last October.

The container handling volume at national ports in April continued to decline due to the impact of COVID-19, recording 2.43 million TEU, down 2.5% compared to the same month last year (2.49 million TEU). Export and import cargo was recorded at 1.39 million TEU, down 3.9% compared to the same month last year.

Transshipment cargo volume recorded 1.03 million TEU, a slight decrease of 0.5% compared to the same month last year, despite a significant decrease in Gwangyang Port cargo volume (-31%) due to alliance restructuring, thanks to a slight increase at Busan Port (+0.5%) and an increase in volume (+145%) due to the opening of new routes by global shipping companies at Incheon Port.

This content was produced with the assistance of AI translation services.