Container Volume at Incheon Port Hits Record High in October

Container volume at Incheon Port continues to rise.

Container volume at Incheon Port reached 283,858 TEUs in October, a new record for the month of October. The port’s container volume has surged to new monthly records for the seven consecutive months since April 2020.

According to Incheon Port Authority (IPA), the October container volume was 3.2 percent up from the all-time October record of 274,956 TEUs set in 2018. For the January-October period of 2020, the figure reached 2,687,997 TEUs, a 5.4 percent increase from a year before.

Imported cargo volume stood at 140,445 TEUs in October, accounting for 49.5 percent of the total. The figure represented a 3.4 percent (4,678TEU) increase from a year earlier. Export shipments rose 10.9 percent or 13,505 TEUs on year to reach 136,988 TEUs. Transshipment and coastal cargo volume hit 5,743 TEUs and 682 TEUs, respectively.

By country, cargoes to or from China totaled 173,391 TEUs, up 9.1 percent or 14,459 TEUs from a year before. Import and export cargoes swelled 12.4 percent and 6.0 percent, respectively. Those to or from Vietnam came in second with 33,687 TEUs, up 16.5 percent or 4,760 TEUs on year, with imports and exports rising 8.0 percent and 24.9 percent, respectively.

Container volume at Incheon Port increased despite a drop in other major ports in Korea. IPA attributed the increase to the addition of five new routes to China and Southeast Asia in 2020 and a rise in the use of Incheon Port by importers and exporters in the Seoul metropolitan area.
Source: Business Korea

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