Last Month's Port Export-Import Cargo Volume Drops 20% Due to COVID-19 Demand Decline

August Export and Import Cargo Volume 100.81 Million Tons...19.7% Decrease
Total Cargo Volume Down 18.2%

[Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries announced on the 20th that the total port cargo volume handled at national trade ports in August 2020 was 117.34 million tons, a decrease of 18.2% compared to the same month last year (143.43 million tons). The previous year-on-year decline rates were 10.1% in May, 16.9% in June, and 14.9% in July of this year.

The export and import cargo volume totaled 100.81 million tons, down 19.7% from the same month last year (125.60 million tons), due to a global decrease in demand, reduced oil cargo volume, inventory adjustments following a sharp rise in iron ore prices, and decreased imports of fuel for power generation (such as thermal coal).

Coastal cargo volume handled a total of 16.53 million tons, down 7.3% from the same month last year (17.83 million tons), due to decreases in oil, ore, and cement cargo volumes.

Due to the global economic slowdown and reduced trade volume, the cargo weight handled by each port continues to decline. Busan Port saw a significant decrease in cargo volume (-24.0%) compared to the same month last year, following a decline in container cargo weight (inbound). Cargo volumes at Gwangyang Port (-18.4%), Ulsan Port (-14.4%), and Incheon Port (-6.3%) also decreased.

By item, the largest shares?oil products (crude oil, petroleum products, petroleum gas, etc.), ore, thermal coal, and machinery?decreased by 18.6%, 13.2%, 15.0%, and 29.7%, respectively, compared to the same month last year.

In August, the container cargo volume handled at national ports recorded 2.32 million TEU, down 3.9% from the same month last year (2.42 million TEU). The Ministry of Oceans and Fisheries analyzed that the impact of the novel coronavirus disease (COVID-19) continued.

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