SEOUL — The cost of shipping containers from South Korea to the U.S. west coast increased by 7.1 percent in October.
According to Yonhap News Agency, The Korea Customs Service reported that the average cost for a 40-foot container on this route was 4.38 million won (approximately US$3,358) last month, up from 4.09 million won in September. This rise marks the second consecutive month of increase, following a 1.8 percent growth in the previous month. However, there was a significant 58.6 percent drop in these costs on an annual basis.
Shipping expenses to other destinations varied, with a slight 1 percent decrease for the U.S. east coast and an 8.6 percent decline for the European Union in October. The cost for shipping to China also decreased by 10.8 percent. Conversely, shipping costs to Japan and Vietnam rose by 10.3 percent and 1.9 percent, respectively. These figures encompass freight rates, commissions, and other charges as reported by local exporters. For South Korean importers, the data showed a 19.4 percent increase in the cost of shipping a 40-foot container from the U.S. west coast and a 3.5 percent rise from China. In contrast, costs from the U.S. east coast and the European Union witnessed a decline of 11.5 percent and 4.8 percent, respectively, in October.