South Korea’s export-import cargo experienced a 1 percent growth in 2023, signaling a recovery in the country’s exports, according to the Ministry of Oceans and Fisheries. The seaports in South Korea handled a total of 1.32 billion tons of export-import cargo, a slight increase from the previous year’s 1.31 billion tons. However, overall cargo processed at domestic ports recorded a marginal 0.04 percent decrease, totaling 1.55 billion tons in 2023.
Notably, processed container cargo reached an all-time high of 30.14 million twenty-foot equivalent units (TEUs) in 2023, marking a 4.6 percent year-on-year increase. This growth was driven by a 4.8 percent rise in processed export-import container cargo, reaching 17.24 million TEUs, with increased trade volume with China being a significant factor.
South Korea also saw an uptick in the handling of transshipment cargo, which increased by 4.8 percent to 12.74 million TEUs. However, non-container cargo handled at the ports declined by 1.4 percent to 1.03 billion tons in 2023.
Specifically, the volume of oil and coal cargo decreased by 1.0 percent and 1.3 percent, respectively, while auto shipments grew by 3.9 percent. Iron ore handling, on the other hand, saw a slight dip of 0.6 percent year-on-year.
Despite external risks, such as high global interest rates and the Middle East crisis, container cargo reached a record high in 2023 due to China’s border reopening and a recovery in exports, according to a ministry official.
This news signifies positive trends in South Korea’s trade sector, with an increase in container cargo volumes reflecting an improving global trade environment and export recovery.