Incheon Port’s cargo volume in the first quarter of this year rose 7.6% to 579,495 TEUs from 538,509 TEUs a year earlier, largely on strong trade within Asia, particularly with China and Vietnam, the Incheon Port Authority (IPA) announced.
Import cargo increased by 22,644 TEUs year-on-year to 297,843 TEUs, accounting for 51.4% of total container cargo handled.
Export cargo reached 275,098 TEUs, up 17,045 TEUs from a year ago. Transshipments and coastal shipments stood at 4,226 TEUs and 2,329 TEUs, respectively.
By country, container traffic with China grew by 8.1% to 340,062 TEUs. The growth was caused by the increase in imports from China and the expansion in volume of handled cargoes from relocating empty containers at Incheon Port, which is caused by the imbalance between import and export volumes.
Strong trade with Vietnam, an emerging production base in Southeast Asia, pushed up volume to 48,733 TEUs, a 12.7% increase from a year ago as Korean manufacturers’ investments in Vietnam continue.
By region, container trade within Asia, including China and Southeast Asia, increased by 8.4% and 8.2%, respectively. Meanwhile, trade volume with Europe and the Middle East decreased by 37.1% and 31% each.
Import and export products showed increases in trade volume, particularly machinery and their parts, electronic appliances and their parts, and animal and plant products. Of 32 products, 23 showed growth in volume, said IPA.
Meanwhile, bulk cargo during the same period marked an 11.5% increase in demand year-on-year to 31.44 million revenue ton (RT), a unit of weight or volume used to determine freight rates.
Import bulk cargo increased 7% year-on-year to reach 19.80 million tons, accounting for 63% of total volume.
Marking a 2.2% increase year-on-year, export cargo recorded 2.89 million tons, accounting for a 9% share. The volume of coastal cargo accounted for a 28% share of the total cargo volume, indicating a 30.4% increase from a year earlier.
