Korea Route Surge Over 30 Pct Amid Red Sea Crisis

76

Container shipping costs from Europe to South Korea rose more than 30 percent on-month in April amid ongoing tensions surrounding the Red Sea, the customs agency said Thursday.

Average shipping cost

The average shipping cost for a 40-foot container from the European Union to South Korea went up 32.8 percent on-month last month to 1.85 million won (US$1,368), according to data from the Korea Customs Service.

The average shipping cost from South Korea to the EU fell 6.9 percent on-month to 3.95 million won, the second straight on-month decline.

Shipping containers are stacked at a port in the southeastern city of Busan, in this file photo taken April 1, 2024.

Costs for shipping from South Korea to the U.S. west coast rose 4 percent on-month and 7.2 percent on-year in April to 5.07 million won.

The shipping cost to China rose 12.1 percent on-month to 560,000 won, and that to Japan advanced 16.1 percent to 772,000 won, the data showed.

Did you Subscribe to our daily newsletter?

It’s Free! Click here to Subscribe

Source: yna.co