Seoul: Container shipping costs from South Korea to China saw a decrease in December compared with the previous month, reversing a consistent upward trend, the customs agency reported Wednesday. The average cost for a 40-foot container from South Korea to China dropped by 1.1 percent from the prior month, settling at 8 million won (US$5,473), based on data from the Korea Customs Service.
According to Yonhap News Agency, the decline marks a shift from the rising trend that had been observed since February, which only saw a brief slowdown with a temporary dip in October. The previous increases in shipping costs were mainly due to disruptions in the critical Middle East maritime route. These disruptions were caused by attacks on ships in the Red Sea by Iranian-backed Houthi rebels based in Yemen, which forced carriers to suspend transit through the region.
In addition to the South Korea-China route, the average shipping cost from South Korea to the U.S. east coast also experienced a decrease, falling by 8.8 percent on-month to 7.2 million won. However, shipping costs for containers to Europe increased significantly by 16.6 percent, reaching an average of 6.1 million won.
These figures encompass freight rates, commissions, and other charges as reported by local exporters, according to the Korea Customs Service.