Container Cargo Volume in November Up 5.4%... Increasing for 3 Consecutive Months

Container Cargo Volume Growth Rate Hits Highest in 20 Months

Total Cargo Volume Decreased by 3.6%

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Nationwide container cargo volume (based on TEU) continued to increase in November, maintaining the upward trend that began in September this year. However, the total cargo volume (based on weight) decreased by 3.6% compared to the same month last year.

The Ministry of Oceans and Fisheries announced on the 20th that the total port cargo volume handled at national trade ports in November 2020 was 129.77 million tons, a 3.6% decrease compared to the same month last year (134.56 million tons).

Import and export cargo volume totaled 110.54 million tons, down 3.3% from 114.35 million tons in the same month last year, due to a decrease in crude oil and petroleum products cargo volume and a decline in imports of power generation fuels (such as thermal coal), despite an increase in imports of ore products.

On the other hand, container cargo volume recorded 2.57 million TEU, a 5.4% increase compared to the same month last year, showing the highest growth rate in 20 months.

Import and export container volume reached 1.42 million TEU, up 1.4% from 1.40 million TEU in the same month last year. In particular, exports recorded 720,000 TEU (up 2.4%), continuing the growth trend for the fourth consecutive month.

Coastal cargo volume decreased by 4.9% compared to 20.21 million tons in the same month last year, totaling 19.23 million tons, due to reduced cargo related to decreased fuel oil usage and a decline in cement cargo volume caused by a slowdown in the construction industry.

By port (based on weight), Busan Port shifted from a continuous decline in cargo volume compared to the same month last year to an increase (up 1.5%) this year, and Gwangyang Port also saw a significant increase (up 4.5%). Meanwhile, Incheon Port and Pyeongtaek-Dangjin Port, which had recently been on an upward trend, decreased by 11.2% and 4.5%, respectively.

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