South Korea’s intra-Asia container trade grows

South Korea traded 367,000 TEUs of containers with eight other Asian economies in August, translating to a 12% year-on-year increase, accomplishing the second highest monthly volume after 368,100 TEUs in April.

Exports accounted for 161,300 TEUs, representing a 5% growth, while imports were increased by 18% to 205,600 TEUs.

Exports and imports increased to and from six of the eight countries and regions, of which those to and from four swelled notably in double digits.

Container movement was greatest to and from the Vietnam, amounting to 126,700 TEUs, up 18%. Those to and from Indonesia totaled 54,090 TEUs, up 16%; to and from Thailand, 51,500 TEUs, up 5%; to and from Malaysia, 38,800 TEUs, up 1%; to and from Taiwan, 33,900 TEUs, up 19%; and to and from the Philippines, 26,300 TEUs, up 37%.

In contrast, containers to and from Hong Kong fell 2% to 18,400 TEUs, finishing in seventh place, and to and from Singapore, 11% to 17,090 TEUs, coming in eighth. Exports to and imports from Hong Kong, which continued to decrease for two years and 11 months from October 2021 to August 2024, moved up to seventh place for the first time in three months since May, as those to and from Singapore continued to incur double-digit contractions for two consecutive months.