Last Year, Incheon Port Container Throughput Hits Record High... Boosted by Economic Recovery in China and Vietnam

Recorded 3,272,213 TEU, a 5.8% increase from the previous year
Surpassed the previous record in 2018 by 150,000 TEU
Effective in attracting 6 new routes and increasing cargo on trans-Pacific routes

Incheon New Port Hanjin Incheon Container Terminal [Photo by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] Despite the COVID-19 pandemic, last year Incheon Port recorded its highest-ever container throughput.

According to Incheon Port Authority on the 24th, last year's container throughput at Incheon Port increased by 5.8% compared to the previous year, totaling 3,272,213 TEU (1 TEU equals one 20-foot container). This is about 150,000 TEU more than the previous record of 3,121,368 TEU set in 2018.

Last year's container throughput consisted of 1,623,144 TEU in imports and 1,570,703 TEU in exports, showing increases of 3.7% and 5.6% respectively compared to the previous year. Transshipment and coastal cargo volumes were recorded at 69,436 TEU and 8,930 TEU respectively.

By country, container import volumes showed clear increases with China (932,744 TEU), Vietnam (221,463 TEU), and Hong Kong (40,020 TEU) rising by 39,493 TEU (4.4%), 14,884 TEU (7.2%), and 7,847 TEU (24.4%) respectively.

The import share by country was China 57.5%, Vietnam 13.6%, Thailand 5.1%, Indonesia 4.0%, and Malaysia 3.3%, with these countries accounting for 83.6% of total import volume.

In container export volumes by country, China (1,014,833 TEU), other domestic ports (216,612 TEU), and Vietnam (128,432 TEU) increased by 40,348 TEU (4.1%), 37,412 TEU (20.9%), and 6,378 TEU (5.2%) respectively.

The export share by country was China 64.6%, Vietnam 8.2%, Taiwan 4.1%, Hong Kong 2.6%, and Malaysia 1.6%, with these countries accounting for 81.1% of total export volume.

Due to the COVID-19 outbreak last year, container throughput at Incheon Port decreased from January to March, but as major trading partners China and Vietnam recovered relatively early from COVID-19, throughput turned to an upward trend from April and showed double-digit growth rates thereafter. These two countries account for a remarkable 78% of Incheon Port's container trade volume.

Incheon Port Authority also analyzed that the record-breaking container throughput was contributed by attracting six new shipping routes, increasing cargo on the trans-Pacific routes, and an increase in transshipment cargo due to the replacement of large vessels at Incheon Port.

Vessel replacement refers to a shipping company selecting a specific port of call to unload (import) all cargo from an existing vessel and then loading (export) it onto a new vessel.

Lee Jeonghaeng, Vice President of Operations at Incheon Port Authority, said, "Last year was expected to be very challenging due to the combination of strengthened protectionism worldwide and the COVID-19 pandemic, but thanks to the efforts of logistics companies and organizations at Incheon Port, the port achieved its highest-ever throughput. Although uncertainties remain externally due to prolonged COVID-19 pandemic restrictions on human exchanges, we will do our best to increase throughput through differentiated marketing and contribute to the recovery of the regional economy."

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