Yonhap reported that the volume of container cargo at South Korea's major seaports grew in September 2012 on a large rise in transhipment cargo to and from China.

According to the Ministry of Land, Transport and Maritime Affairs, in September 2012, the amount of container cargo handled at the country's major seaports came to an estimated 1.87 million twenty foot equivalent units, up by 6.2% YoY.

The amount of import export cargo gained 4.8% YoY to about 1.15 million TEUs with the amount of transhipment cargo surging 10.6%. Definitive figures will be made available later in the month.

The ministry said the large increase in transhipment cargo to and from China was due to a temporary increase in transhipment cargo of northern China.

It said that "South Korea's export import cargo to and from China is also believed to have increased slightly last month although the country's overall trade with China shrank amid a contraction of China's economy and stagnation in domestic sales."

The ministry said it will be difficult for the country's seaports to repeat such growth during the remainder of the year. Transhipment cargo refers to shipments processed here while en route to their final destination, often to change means of transportation.

It added that "The September figure marks an immediate rebound after the amount of cargo in August 2012 posted the first year on year drop in 34 months, but considering the global economic downturn, it appears being optimistic about future conditions will be difficult."

Still, the country's largest port in Busan, also the world's fifth largest, is expected to have performed better than the average with its total volume estimated to have gained 8.4% YoY to some 1.43 million TEUs, largely on an estimated 10% growth in its transhipment cargo.

Source - Yonhap News

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