The Incheon Port Authority (www.icpa.or.kr, President Lee Kyung-Gyu) announced on the 19th that this year’s cumulative container cargo volume at Incheon port has reached 3 million TEU (as of November 19).

According to IPA, this marks the fastest achievement of 3 million TEU since the inauguration of Incheon Port, surpassing the previous record by 5 days (November 24, 2021). Notably, it is 21 days ahead of last year's record, which was achieved on December 10.

Incheon Port has consistently managed over 3 million TEU annually for seven consecutive years since surpassing the 3 million TEU milestone in 2017.

Despite the challenging domestic and international conditions, such as the US-China trade dispute and the Russia-Ukraine war, and the lagging domestic private consumption, IPA attributes the accelerated achievement of 3 million TEU this year to factors such as the rapid increase in used car exports through containers and the opening of six new routes, including the Middle East.

According to data from the Korea Trade Statistics Promotion Institute, out of the total 413,000 used cars exported from Incheon Port by the end of October this year, approximately 79.7% (329,000 units) were transported by container ship.

Moreover, Incheon Port saw a notable increase in exports of marine products, lumber, and machinery, by 70.4%, 37.3%, and 19.1%, respectively, compared to the previous year as of the end of October. This growth has greatly contributed to Incheon Port's container volume and is aligned with the government's efforts to further expand exports.

In addition, IPA actively engaged in port sales activities in China, Southeast Asia, and the Americas to attract new container routes this year. President Lee Kyung-Gyu, particularly concentrated efforts on increasing cargo volume, by promoting the Incheon Port logistics environment in cities like Shanghai and Qingdao, China.

Incheon Port Authority President Lee Kyung-Gyu stated, “Despite the challenging external and domestic economic conditions, the early achievement of 3 million TEU was possible through the collaborative efforts of port logistics entities, including shipping companies, forwarding companies, and container operators.” He added, “We will continue to develop Incheon Port as a logistics-friendly hub to accommodate the increasing volume of cargo and enable more customers to utilize its services.”

On the other hand, IPA anticipates that, if the current cargo volume trend persists until the end of the year, it will surpass the highest-ever volume of 3.35 million TEU in 2021. Furthermore, overseas exports of used cars are expected to exceed the all-time high of 419,000 units in 2019.