According to government statistics released on Monday, shipping costs for container goods headed for the west coast of the United States decreased slightly in September compared to a month earlier amid growing concerns about an economic slowdown in the country.
According to data from the Korea Customs Service (KCS), Yonhap reported that the average freight rate for a 40-foot container from the fourth-largest economy in Asia to the U.S. west coast dropped 0.4 percent on-year to 13.88 million won (US$960,000).
From a year earlier, however, the rate rose 19.1 percent, compared with the 32.3 percent on-year surge recorded in August.
The shipping cost for a 40-foot container from South Korea to the east coast of America also dropped 0.1 percent on-month in September, with that to the European Union sinking 6.6 percent.
The container freight rate for the EU declined for the fourth month running in September.
In contrast, container-shipping costs for China increased 0.7 percent last month from August.
The data also showed South Korean importers’ average cost to ship a 40-foot container from the west coast of America falling 5.8 percent on-month to 3.5 million won in September. From a year earlier, however, it swelled 19.2 percent
The rate from the U.S. east coast expanded 10.4 percent on-month in September and soared 41.4 percent from a year earlier.
