3Q Export-Import Cargo Volume Down 14.6% YoY... 'Con' Cargo Volume Turns to Growth from September

[Asia Economy Reporter Kwangho Lee] The Ministry of Oceans and Fisheries announced that the total port cargo volume handled at national trade ports in the third quarter of 2020 was 359.52 million tons, a 12.8% decrease compared to the same period last year (412.22 million tons).

The import and export cargo volume was recorded at 308.79 million tons, down 14.6% from the same period last year (361.76 million tons), due to a decrease in oil cargo volume caused by sustained low oil prices amid the slow recovery of the global economy, and a reduction in imports of power generation fuels such as bituminous coal.

Coastal cargo volume handled a total of 50.73 million tons, a 0.5% increase compared to the same period last year (50.46 million tons), as cargo volumes of cement and ore decreased due to a slowdown in the construction market, but coastal sand cargo volume increased significantly (223%).

Meanwhile, the port cargo volume in September 2020 was 122.21 million tons, a slight decrease of 4.4% compared to the same month last year (127.89 million tons), indicating a partial easing of the sharp decline recorded in July and August.

Kim Jun-seok, Director of the Shipping and Logistics Bureau at the Ministry of Oceans and Fisheries, forecasted, "As the novel coronavirus disease (COVID-19) continues to spread worldwide, the decline in import and export cargo volume is expected to persist for the time being."

He added, "Container cargo volume turned to an increase in September for the first time in six months, and the third quarter cargo volume also showed a moderated decline compared to the second quarter. We will proactively prepare for the recovery of container cargo volume by actively utilizing online networks such as non-face-to-face marketing and simultaneously promoting various cargo attraction measures by port."

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