S. Korea-China Route Container Shipping Costs on Constant Rise: Data

This photo shows containers at a port in South Korea’s southeastern city of Busan on Oct. 14, 2024. (Image courtesy of Yonhap)

SEOUL, Oct. 15 (Korea Bizwire) — Container shipping costs from South Korea to China rose for the eighth consecutive month in September, the customs agency said Tuesday.

The average shipping cost for a 40-foot container from South Korea to China climbed 17.6 percent on-month to 862,000 won (US$634.48) last month, according to the data from the Korea Customs Service.

The figure has been on a constant increase since February.

But the average shipping costs from South Korea to the European Union shed 14.7 percent, the first fall in five months. Costs for the South Korea-Vietnam route also fell 11.1 percent, the first decline in eight months.

Costs for shipping from South Korea to the U.S. east coast dropped 5.7 percent.

Compared with a year earlier, however, the shipping costs for those routes more than doubled due mainly to tensions surrounding the Red Sea and the growth in global cargo volume, officials said.

Costs for shipping from overseas generally went down in September.

Those from the U.S. west coast to South Korea declined 16.5 percent and those from Europe skidded 15 percent. Shipping costs from the U.S. east coast to South Korea lost 7.6 percent on-month in September, the data showed.

The figures include freight rates, commissions and other charges reported by local exporters, according to the agency.

(Yonhap)