Ocean cargoes grew by 9.4% in first quarter

Ocean cargoes handled by forwarding companies in the first three months of this year increased by 9.4 percent to 1,156,756 Revenue Tons (r/t).

The Korea International Freight Forwarder Association (KIFFA) released sea and air cargo figures accumulated from member companies for the period of January to March. Outbound ocean cargoes grew by 5.7% compared to the same period of last year, and import cargoes jumped 19.6%. The domestic economic recession and sluggish trade outcomes accounted for more exports than imports.

However, tariff incomes decreased by 10 percent over a year ago.

Distribution by area showed that trade with China posted the highest increase, 73.2 percent, while Japan trade also marked respectable growth with 37.9%.

Electrical products and textiles lead the main import and export flows.

A source at KIFFA said, "The slack season came earlier than in previous years and cargoes continued to fall."