S. Korea's port freight traffic down 9.4 pct on-year in May

By Lee Joon-seung
SEOUL, June 28 (Yonhap) -- South Korea's port freight handling volume declined
9.4 percent on-year in May as the global economic slump affected trade, a
government report said Sunday.
The report by the Ministry of Land, Transport and Maritime Affairs said freight
handled by the country's major ports of Busan, Incheon and Gwangyang fell 18
percent, 10.1 percent and 21.6 percent, respectively, last month compared to the
year before.
Numbers for Ulsan and Pohang also declined 3.8 percent and 1.2 percent on-year,
with only the new harbor at Daesan, South Chungcheong Province, reporting gains
of 38.6 percent.
The latest report said shipments of autos, sand and natural minerals all fell by
double digits, although the volume of trade for chemical products jumped 16
percent.
The ministry said container traffic, measured in 20-foot equivalent units,
reached 1.32 million units in May, a 16.2 percent drop from the year before.
While overall freight handling fell on an annual basis that month, the level of
decline has gradually improved throughout the first half.
In January, freight contracted 15.7 percent. The contraction fell to 13 percent
and 11 percent, respectively, in March and April.
"It may be too early to tell, but gradual improvements (in freight handling) may
be a sign that overall economic conditions are improving," a government official
said.
yonngong@yna.co.kr
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