SEJONG, Jan. 15 (Korea Bizwire) — Container shipping costs from South Korea to China decreased in December compared with a month earlier, reversing the upward trend, the customs agency said Wednesday.
The average shipping cost for a 40-foot container from South Korea to China fell 1.1 percent from a month earlier to 8 million won (US$5,473) last month, according to the data from the Korea Customs Service.
The decline interrupts the rising trend observed since February, which had only briefly slowed down with a temporary dip in October.
The earlier increases in shipping costs were attributed to disruptions in the critical Middle East maritime route. Attacks on ships in the Red Sea by Iranian-backed Houthi rebels based in Yemen have forced carriers to suspend transit through the region.
The average shipping cost from South Korea to the U.S. east coast also fell 8.8 percent on-month to 7.2 million won.
On the other hand, shipping costs for containers to Europe increased by 16.6 percent to an average 6.1 million won.
The figures include freight rates, commissions and other charges reported by local exporters, according to the agency.
(Yonhap)