South Korea's seaport cargo sees steady growth

Cargo processed at South Korea's seaports rose 3.9 percent from a year earlier in the first half of 2014 largely on the growth of exports, as well as a rise in transshipment cargo, the government announced today.

In the January-June period, cargo handled at the country's seaports amounted to some 701.2 million tonnes, according to the Ministry of Oceans and Fisheries.

Container cargo processed at the seaports also rose 4.1 percent on-year to some 12.09 million twenty-foot-equivalent units (TEUs).

The increase was attributed to a rise in import-export cargo, which gained 2.5 percent on-year to about 7.1 million TEUs in the first half. Transshipment cargo, or cargo processed in South Korea while en route to a final destination, also rose 7.1 percent to some 4.9 million TEUs.

Domestic cargo, on the other hand, plunged nearly 22 percent on-year to about 93,300 TEUs, according to the ministry.

In a press release, it said: "Container cargo gained 4.1 percent on-year to some 12 million TEUs as the rise of import-export cargo grew at a slower pace than expected despite improving economic conditions in the United States and Europe”

The trade ministry earlier said the country's overall exports grew 2.6 percent on-year in the first half, with its imports also gaining 2.7 percent.

Container cargo processed at the country's largest seaport in Busan in the first half increased 3.5 percent on-year to some 9.12 million TEUs, becoming the world's sixth-largest seaport.

In June alone, the amount of cargo processed at South Korean seaports slipped 1.1 percent on-year to some 112.6 million tonnes.