Hutchison Whampoa, Hanjin Shipping, DP World and other operators handled 6.7 per cent more containers last month in South Korea's Busan, the world's fifth-busiest port, helped by growing global trade. The port processed 1.05 million 20-foot standard containers in November, an increase from 985,719 boxes in the same month last year, the Ministry of Maritime Affairs and Fisheries said on its website. That was the biggest volume increase at Busan this year. Transshipment made up for 44 per cent of total volume.
Hutchison Whampoa, PSA International and other port operators are benefiting from increased consumer demand in the US and Europe for low-cost goods made in China and other Asian countries. The International Monetary Fund forecasts global trade to grow 8.9 per cent this year and 7.6 per cent in 2007. South Korea's exports rose 19.8 per cent from a year earlier in November to a record as companies sold more chips, cars and other goods. Imports expanded 12.7 per cent last month.
In the first 11 months, Busan port moved 11.01 million containers, 1.3 per cent more than the same period a year earlier. Transshipment accounted for 43 per cent of total volume. Busan is adding 30 new berths as it tries to attract more cargo as competition from Shanghai, Dalian and other China ports intensifies. Busan began using new berths in January, a year ahead of the original schedule, to staunch the flow of business to Shanghai's Yangshan port. Three more will start operations early next year.
Hutchison Whampoa, PSA International and other port operators are benefiting from increased consumer demand in the US and Europe for low-cost goods made in China and other Asian countries. The International Monetary Fund forecasts global trade to grow 8.9 per cent this year and 7.6 per cent in 2007. South Korea's exports rose 19.8 per cent from a year earlier in November to a record as companies sold more chips, cars and other goods. Imports expanded 12.7 per cent last month.
In the first 11 months, Busan port moved 11.01 million containers, 1.3 per cent more than the same period a year earlier. Transshipment accounted for 43 per cent of total volume. Busan is adding 30 new berths as it tries to attract more cargo as competition from Shanghai, Dalian and other China ports intensifies. Busan began using new berths in January, a year ahead of the original schedule, to staunch the flow of business to Shanghai's Yangshan port. Three more will start operations early next year.