Seoul: Container shipping costs from South Korea to the U.S. west coast fell for a second consecutive month in January, while rates to the U.S. east coast rose for a third straight month, data showed Thursday.
According to Yonhap News Agency, the average shipping cost for a 40-foot container to the U.S. west coast declined 6.1 percent from a month earlier to 4.77 million won (US$3,280), as reported by the Korea Customs Service. In contrast, the average rate to the U.S. east coast increased 2.9 percent on-month to 5.49 million won.
Shipping rates to China saw a significant rise of 29 percent on-month, marking a second consecutive month of gains. Additionally, rates to Japan climbed 21.9 percent to 774,000 won, continuing their upward trend for three months. Conversely, rates to the European Union experienced a decline, falling 1.8 percent to 3.45 million won.
The figures released include freight rates, commissions, and other related charges as reported by local exporters, according to the agency.