Weighing on Korean Exporters
The Korea Customs Service announced on May 16 that the 2 TEU container freight charges for exports from South Korea to the east coast of the United States were 16.267 million won on average last month, up 236.9 percent from a year ago.
“The average for exports to the U.S. west coast was 14.031 million won and Europe was 13.349 million won, up 146.2 percent and 200.1 percent year on year, respectively,” it said, adding, “The averages were 1.267 million won, 2.033 million won and 1.104 million won for China, Vietnam and Japan, up 40.4 percent, up 67.6 percent, and down 17.2 percent.”
Most import-related container freight charges rose, too. For instance, those applied to imports from the west and east coasts of the United States were 3.218 million won (up 38.9 percent) and 2.827 million won (up 82.8 percent), respectively. The figure is 2.808 million won for China (up 44.9 percent), 1.298 million won for Japan (up 34.5 percent) and 2.819 million won for Vietnam (up 78 percent). It is 1.999 million won for the European Union (down 6.7 percent).