Major Seaports Record Fall In Box Volume
News: South Korea's major seaports are estimated to have handled 1.87mn twenty-foot equivalent units (TEUs) of cargo containers in October, down 1.6% year-on-year (y-o-y), reports Yonhap, citing the Ministry of Land, Transport and Maritime Affairs. The drop is partly attributed to a fall in import-export cargo. The ministry also stated that the decline appears to have come up due to uncertainties in the local and global markets, such as a contraction of the global economy and dwindling domestic consumption. Meanwhile, in spite of an estimated 1.2% rise in the country's overall exports as well as a 1.5% increase in imports recorded in September, the amount of import-export cargo is expected to have dipped 3.9% y-o-y in October. Additionally, the ministry said that import-export cargo is likely to have fallen marginally because of the global economic downturn and shrinking local consumption. Further, the container volume is likely to have reached approximately 26,000TEUs, down by 34.1% y-o-y.