Incheon Port 'Con' Cargo Volume Expected to Reach Up to 5 Million TEU by 2030... Rapid Increase in Trade with Vietnam

185.5% Increase Compared to 2005... 3.5 Million TEU Recorded This Year
Impact of Facility Investments Including Completion of Incheon New Port Phases 1-2 and Increased Export-Import Cargo in the Seoul Metropolitan Area

Cargo is piled up in the container terminal yard at Incheon Port. [Photo by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] The container throughput at Incheon Port is expected to increase up to a maximum of 5 million TEU by 2030, driven by facility investments such as the completion of Incheon New Port Phase 1-2 and the growth of import-export cargo in the metropolitan area. Additionally, China remains the undisputed top trading partner, while trade volumes with Vietnam and the United States have also surged.

According to Incheon Port Authority on the 26th, container throughput at Incheon Port has shown an annual upward trend, recording a historic annual high of 3.5 million TEU this year (1 TEU equals one 20-foot container), and is projected to reach 4 million TEU by 2025.

In particular, with the scheduled completion of Incheon New Port Phase 1-2 in 2025 and the opening of new services on North American and European routes, the authority expects throughput to increase to a maximum of 5 million TEU by 2030.

This figure significantly exceeds the 4.22 million TEU throughput forecast for Incheon Port in 2030, as outlined in the government's 4th Basic Port Plan announced last year.

Incheon Port began handling container cargo when the 4th Pier of the Inner Port, the first lock facility in East Asia, was opened as a multipurpose pier and introduced Korea's first dedicated container facility in 1974.

Starting with 33,366 TEU in 1976, throughput grew to 934,954 TEU in 2004. After the establishment of Incheon Port Authority in 2005, the port achieved its first milestone of 1 million TEU, followed by 2 million TEU in 2013 and 3 million TEU in 2017. Compared to 2005, by 2020 the container throughput nearly tripled, elevating the port into the world's top 50 ports.

Looking at container throughput by import and export, imports increased by 190.8% from 560,000 TEU in 2005 to 1.62 million TEU in 2020, while exports rose by 215.6% from 500,000 TEU to 1.57 million TEU during the same period. Conversely, coastal cargo throughput declined by 89.3%, from 80,000 TEU to 9,000 TEU in 2020, reducing its share from 7.3% to 0.3%.

The top three trading regions for Incheon Port are Northeast Asia, Southeast Asia, and Japan, a pattern maintained from 2005 through 2020.

The share of Northeast Asia increased from 70.3% in 2005 to 73.1% in 2020, while Southeast Asia's share rose from 18.1% to 21.0%. In contrast, Japan's share decreased from 3.0% to 1.7%, and North America’s share increased from 0.4% to 1.1%.

The top three trading countries at Incheon Port shifted from China, Hong Kong, and Vietnam in 2005 to China, Vietnam, and Thailand in 2020.

China remains the undisputed top trading partner, with throughput increasing by 196.8% from 660,000 TEU in 2005 to 1.97 million TEU in 2020. Vietnam’s throughput surged approximately 18-fold from 19,000 TEU in 2005 to 360,000 TEU in 2020. The United States also saw about a 14-fold increase, from 2,000 TEU in 2005 to 30,000 TEU in 2020.

Kim Jonggil, Vice President of Operations at Incheon Port Authority, stated, "Since the establishment of the authority 16 years ago, there has been significant growth not only quantitatively but also qualitatively in port cargo handling. We will continue to provide port logistics services and facilities that meet the demands of shipping lines and cargo owners at Incheon Port and strive to improve the import-export logistics environment in the metropolitan area."

Night View of Incheon Port Container Terminal
Photo by Incheon Port Authority

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