Transit cargoes surge in ports nationwide during first quarter

Total container cargoes in ports nationwide during the first quarter of this year marked a 6.9 percent increase to 2,286,000 TEU over the same period of last year thanks to improved transit cargoes.

The Ministry of Maritime Affairs and Fisheries released that transit cargoes from all ports in Korea jumped by 30 percent, posting 702,000 TEU.

Meanwhile, the Port of Pusan emerged as the third largest container port world wide last year, handling 1,885,000 TEU, an 82.4 percent share of total nationwide container cargoes, of which transit cargoes took 674,000 TEU, up 26.8 percent over a year ago.

A spokesman at MOMAF said that this transit cargoes share showed Pusan is consolidating its position as a hub port in Northeast Asia, with a 4.7 percent rise in the first quarter of this year.

During the same period, Kwangyang handled 172,000 TEU, posting an 18.8 percent increase. Among those cargoes, transit cargoes occupied 27,332 TEU, a three-fold increase over last year.

"In the current shrinking world economy, increasing transit cargoes would be favorable for Pusan and Kwangyang, and would stimulate domestic business. MOMAF will push to research transit cargoes from Japan and China, the major sources of transit cargoes, with the Korea Container Terminal Authority, investing 400 million won this May.