Incheon Port Cargo Volume Surpasses 2 Million TEU in Shortest Time... Expected to Set Record High This Year

14 Days Earlier Than Last Year... Increase in Cargo Volume from China and Vietnam
Incheon Port Expected to Reach Record High of 3.47 Million TEU This Year

Incheon Port Container Terminal
Photo by Incheon Port Authority

[Asia Economy Reporter Park Hyesook] Incheon Port is sailing smoothly toward achieving the highest cargo volume ever this year.

According to Incheon Port Authority on the 10th, the cumulative container throughput at Incheon Port reached 2 million TEUs (1 TEU equals one 20-foot container) as of the 4th of this year.

Compared to last year when the annual throughput surpassed 2 million TEUs on August 18, this is 14 days earlier, marking the shortest period ever recorded at Incheon Port.

The increase in container cargo volume is attributed to a sharp rise in cargo volume from Incheon Port's two major trading countries, China and Vietnam, which grew by 9.3% and 14.4% respectively as of the end of June this year, as well as the attraction of five new container routes to Incheon Port this year.

Furthermore, while global logistics flows were delayed due to incidents such as the Suez Canal grounding accident and COVID-19 cases at Shenzhen Port, the smooth logistics flow within Incheon Port contributed to the early achievement of 2 million TEUs, according to the authority.

Incheon Port first recorded 2 million TEUs on December 6, 2013, and since then, the time required to reach 2 million TEUs has shortened every year, achieving it on August 28 in 2019 and August 18 last year.

Also, on August 4 last year, the throughput was 1,879,494 TEUs, but with a 6.8% increase compared to the same period last year, this year set a record by shortening the achievement date of 2 million TEUs by 14 days.

The authority expects Incheon Port's cargo volume to reach a record high of 3.47 million TEUs this year.

An official from Incheon Port Authority said, "In the second half of this year, difficulties are expected due to uncertainties in global manufacturing and supply chains caused by the resurgence of COVID-19, rising international raw material prices, and logistics congestion at ports in South China and Southeast Asia," adding, "We will strive to expand scheduled shipping capacity and promote contactless marketing to achieve this year's cargo volume target of 3.45 million TEUs."

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