Shippers' foreign exchange earnings rebound to over US$30 bln

SEOUL, June 13 (Yonhap) -- The foreign exchange earnings of South Korea's shipping industry rebounded to over US$30 billion in 2010, mainly due to greater maritime cargo handling fueled by the global economic recovery, the government said Monday.
The Ministry of Land, Transport and Maritime Affairs said earnings by Hanjin Shipping Co., Hyundai Merchant Marines and 175 other local shipping lines surged 31 percent on-year to $30.27 billion last year.
The amount, up from $23.16 billion tallied in 2009, also represents the second-highest figure since Seoul started releasing official annual figures in 2006. The highest number reached so far was in 2008 when foreign exchange earnings shot up to $37.96 billion.
Foreign exchange earnings refers to money that companies pocket for services offered after deducting various costs such as fuel.
The ministry said that shipping lines accounted for 40 percent of the country's earnings in the service sector last year, and handled 99.8 percent of South Korea's export and import volume.
Overall, foreign exchange earnings levels of the local shipping industry ranked six after semiconductors, ships, telecommunication devices, petroleum products and autos.
The latest report, meanwhile, said sales generated by all shipping lines hit $33.19 billion last year, a 332-times surge compared to $100 million reported for 1972.
yonngong@yna.co.kr