Incheon Port’s TEU Volumes Rise in 2016

South Korea’s Incheon Port Authority (IPA) has moved a total of 2.67 million TEUs in 2016, representing an increase of 12.7 percent from 2.38 million TEUs handled in 2015.

The figure was a result from continuous increase of cargo volumes in three months after reaching 250,000 TEUs in October, 253,000 TEUs in November, and 263,000 TEUs in December last year.

Among the total container cargo in 2016, imported goods recorded 1,373,587 TEUs, rising by 12.2 percent compared to the last year. Export cargo were up by 13.7 percent  from a year ago to 1,281,155 TEUs, while volumes of transshipment and coastal transportation recorded 15,669 TEUs and 9,290 TEUs, respectively.

By country, the imported cargo related to China increased by 12.8 percent to 794,659 TEUs, Vietnam imports surged by 22.7 percent to 134,659 TEUs, and that to Taiwan jumped by 38 percent to 36,920 TEUs.

On the other hand, the imported cargos related to Hong Kong decreased by 17 percent to 35,477 TEUs and that to Romania stood at 6,740 TEUs, plummeting by 39.8 percent.

“The Hanjin Incheon Container Terminal (HJIT) successfully opened last year in Incheon New Port and container cargos volume of Incheon Port recorded the highest score by attracting cargos from China and Vietnam where the FTA was enacted,” Yang Jang-seok, vice president of IPA, said.

He added that the port authority has an aim to reach the 3 million TEUs milestone.

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