South Korea’s Seaport Cargo Increases by 2 Percent in July

South Korea's Cargo processed at the Seaports increased by 2 percent in July from a year earlier according to a government data.

According to the Ministry of Oceans and Fisheries, an estimated of 124.3 million tons volume of cargo arrived at the seaport last month. It increased by 1.9 percent compared to 122.1 million tons recorded in the month of July last year.

From a 3.7 percent on-year fall in June, the figure in July marked a turnaround. Non-container cargo also edged up 0.4 percent on-year to 86.2 million tons last month while the monthly increase was attributed to a rise in container cargo, which gained 6.6 percent on-year in July to 2.3 million twenty-foot equivalent units (TEUs), led by brisk export and transshipment cargo.

Cargo processed here while en route to a final destination or also called Transshipment cargo raised up to 1.1 percent on-year to some 903,000 TEUs.

South Korea's largest port is located in Busan, about 450 kilometers southeast of Seoul, already processed a total of 31.8 million tons of cargo last month which increased by 5.3 percent compared to the data recorded a year earlier.

Moreover, on-year in July, the exports in South Korea fall down by 10.2 percent which caused the extension of their negative streak of 19 straight months because of the decreasing global demand and low oil prices.

According to the ministry, Busan remained as the fifth largest seaport in the world in terms of cargo volume in the record of the end of July.