Worst figures in Inchon after Asian currency crisis

Total cargo growth rates through the Port of Inchon hit the lowest point since going through the Asian Currency Crisis.

Inchon Regional Maritime Affairs and Fisheries revealed on Oct. 23 that total cargoes up to this September recorded 89.29 million tons, just 1% up from the same period of last year, 88.21 million tons.

Import cargoes and coastal cargoes increased by 2% and 11% to 38.27 million tons and 40.81 million tons, respectively, above the same period of last year, and export cargoes slid by 25% to 10.21 million tons.

The Inchon agency predicted that if the situation continues, Inchon will only reach 121.33 million tons of total cargoes by the end of the year, up 1% compared to last year's 120.39 million tons.

These figures meant an abrupt drop from the last two years when growth rates showed double digit increases, 15% in 1999 to 182.3 million tons, and 11% growth in 2000 to 120.4 million tons. Total cargoes in the to September period were a paultry 93.95 million tons in 1998, still better than this year.

Especially, the recent terrorist attacks on the US and US retaliation on Afghanistan will almost certainly cause serious drops in cargoes.

Part of the drop in cargoes at Inchon is accounted for by Hyundai Motors and Kia Motors changing their loading port to Pyoungtaek as well as car export decreases of 54% over the last year in the wake of Daewoo Motors' bankruptcy.