South Korea’s Busan Port barreled into the new year by recently breaking records for both monthly and quarterly cargo volumes processed, according to the Busan Port Authority (BPA).
Container volume in March reached 1.63 million twenty-foot equivalent units (TEUs), a 1.9 percent increase year-over-year and the highest monthly figure ever, said BPA.
In detail, import and export cargo totaled 823,494 TEUs, a 1.8% increase compared to the previous year, and transshipment cargo grew 1.9 percent to 809,045 TEUs.
The import and export cargo volume handled in March set a record, and the figure exceeded the transshipment cargo volume by 14,000 TEUs for the first time this year, said the authority.
Similarly, cargo volume tallied in the first quarter of the year was also the highest quarterly record. Processed were 4.7 million TEUs, a 5.7% increase compared to the same period a year ago.
The cargo handling ratio between Busan New Port and North Port in the first quarter was 66 to 34 from 64 to 36 last year. Cargo volume at Busan North Port increased to 1.7 million TEUs, a 3.1% growth year-over-year. New Port processed 3.1 million TEUs, increasing 7.2%.
BPA said, “We will solidify the status of Busan Port as the largest transshipment hub port in Northeast Asia by attracting [transshipment] cargo which contributes greatly to the cargo volume increase. Moreover, we will pay close attention to the rapid growth of Chinese ports and global alliances including 2M and O3.”
