Container shipping costs from Korea to China rise 5% in December 2023
Container shipping costs from Korea to China rose 4.8 percent on-month in December 2023, data showed Monday, according to Yonhap.
The average shipping cost for a 40-foot container for the route came to 518,000 won ($394.36) last month, compared with 494,000 won logged a month earlier, according to the data from the Korea Customs Service.
It marked the second on-month increase following 3.9 percent growth the previous month.
On an on-year basis, however, the costs dropped 58.5 percent, the data showed.
The shipping expense to Vietnam also gained 4.8 percent in December 2023 to 716,000 won, the second straight monthly increase, while costs for Japan shed 9 percent on-month to 632,000 won.
Most longer routes reported increased shipping costs in December 2023.
Costs for shipping from Korea to the U.S. west coast went up 1.9 percent on-month to 4.23 million won last month, and those to the U.S. east coast advanced 4.7 percent to 4.67 million won.
The expense for the European Union went up 4.3 percent to 2.52 million won.
The figures include freight rates, commissions and other charges reported by local exporters.
Korean importers' average costs to ship a 40-foot container from the EU and the U.S. west coast dropped 17 percent and 8.3 percent, respectively, in December 2023, while those from the U.S. east coast and China reported a decline, the data showed.
