• The Incheon Port Authority (www.icpa.or.kr, President Lee Kyung-gyu) announced on the 21st that the container volume at Incheon Port reached 314,247 TEUs in April, marking a 9.3% increase from the same month the previous year, continuing the growth trend in cargo volume into the second quarter of this year.

  *The previous record for the highest container volume in April was 298,950 TEUs, set in April 2021.

   

• According to IPA, the export cargo volume in April was 147,742 TEUs whereas the import cargo volume was 160,199 TEUs, reflecting increases of 6.5% and 10.1%, respectively compared to the same month last year. Transshipment volume stood at 6,306 TEUs.

• Customs data statistics revealed that new car exports from Incheon Port increased from 22,623 units in April last year to 24,768 units in April this year, with 4,066 of these units being exported using container transport.

• In addition, used car exports in April totaled 41,818 units, marking the highest monthly export volume this year, with 34,898 units being transported through containers.

• IPA attributes the increase in used car exports to the steady demand from importing countries and the smooth supply of empty containers for vehicle transportation via Incheon Port, despite higher maritime logistics costs compared to last year.

• In terms of major increases in container export volumes by country, data showed 93,248 TEUs to China, 6,504 TEUs to Taiwan, and 4,115 TEUs to Malaysia, reflecting increases of 4,788 TEUs (5.4%), 2,957 TEUs (83.4%), and 1,648 TEUs (66.8%), respectively.

• The proportion of container exports by country showed China at 63.1%, Vietnam at 8.8%, Taiwan at 4.4%, Malaysia at 2.8%, and Hong Kong at 2.0%, with these five countries accounting for 81.1% of the total export volume.

• In terms of major increases in container import volumes by country, data showed 90,149 TEUs from China, 4,793 TEUs from the USA, and 10,477 TEUs from Thailand, indicating increases of 3,503 TEUs (4.0%), 2,869 TEUs (149.1%), and 2,717 TEUs (35.0%), respectively compared to the same period last year.

• The proportion of container imports by country showed China at 56.3%, Vietnam at 12.7%, Thailand at 6.5%, Malaysia at 3.2%, and the United States at 3.0%, with these five countries accounting for 81.7% of the total import volume.

• An analysis by IPA revealed several key factors driving the increase in cargo volume. These include the rise in exports and imports to and from China, increased imports from Thailand and Vietnam along with robust export volume to Taiwan and Malaysia, and the significant increase in container exports of new and used cars.

• The main items contributing to increased exports to China were machinery, textiles, and miscellaneous goods. Conversely, imports from China included textiles, electrical equipment, and plastics. Exports to Taiwan rose mainly in vehicles, parts, and lumber, while lumber and textiles dominated imports from Thailand.

• Incheon Port Authority Vice President of Port Operations Kim Sang-ki stated, “The recent increase in cargo volume is a result of our dedicated efforts to provide storage space for new and used car exports and enhancing promotions for regional shippers including those in the metropolitan area, Chungcheong, and Gangwon regions,” and added, “We will strive to improve port logistics and services to boost the utilization of Incheon Port, revitalize key sectors such as automotive, K-food, multimodal port-airport transport, and e-commerce.”

□ Monthly Container Volume

(Unit: TEU, %)

□ Container Volume by Imports and Exports

(Unit: TEU, %)

□ Monthly Used Car Export Volume

(Unit: Vehicles, %)

(Source) Original Data from the Korea Trade Statistics Promotion Institute

□ Major Increases in Container Volume by Country

(Unit: TEU, %)