South Korea’s container trade with its Asian neighbors continued its upward trajectory in August, reaching the second-highest monthly volume on record. The country exchanged a total of 367,000 TEUs (Twenty-Foot Equivalent Units) of containers with eight other Asian economies, marking a 12% year-over-year increase.
Exports and Imports on the Rise
Exports accounted for 161,300 TEUs, a 5% growth compared to the previous year. Meanwhile, imports saw a more significant surge, increasing by 18% to 205,600 TEUs. This robust growth was evident in the trade with six of the eight countries and regions, with four of these relationships experiencing double-digit increases.
Vietnam and Indonesia Lead the Way
Vietnam emerged as South Korea’s top trading partner in terms of container volume, with 126,700 TEUs exchanged. This represented an 18% increase from the previous year. Indonesia also saw significant growth, with trade totaling 54,090 TEUs, up 16%. Other notable increases were observed in trade with Thailand (51,500 TEUs, up 5%), Malaysia (38,800 TEUs, up 1%), Taiwan (33,900 TEUs, up 19%), and the Philippines (26,300 TEUs, up 37%).
Hong Kong and Singapore Face Challenges
In contrast, trade with Hong Kong and Singapore experienced declines. Container movement to and from Hong Kong fell 2% to 18,400 TEUs, placing it in seventh position. Singapore also saw a decrease of 11% to 17,090 TEUs, ranking eighth. This marked the second consecutive month of double-digit contractions for Singapore’s trade with South Korea.
Overall, South Korea’s container trade with Asian countries remains strong, driven by increased demand for goods and services in the region.
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