S. Korea's seaport cargo down 1.1 pc in Q3 amid trade uncertainties

Seoul, Oct 30 (IANS) Cargo processed at South Korean seaports fell 1.1 per cent from a year earlier in the third quarter amid continued uncertainties in the global trade environment, the oceans ministry said on Thursday.

Cargo handled at the country's seaports nationwide came to 390.28 million tons during the July-September period, down from 390.46 million tons the same period last year, according to the Ministry of Oceans and Fisheries, reports Yonhap news agency.

Of them, export-import cargo totaled 336.68 million tons, the ministry said.

Container cargo processed at seaports, however, went up 0.7 per cent on-year to 7.9 million twenty-foot equivalent units (TEUs) in the third quarter. Of these, 4.38 million TEUs were export-import cargo, up 0.8 per cent from the previous year.

Total export cargo processed at seaports increased 1.8 per cent on-year to 2.21 million TEUs, the ministry said. Exports to the U.S. fell 5.8 per cent, but shipments to China rose 7 per cent.

Amid lingering uncertainties in the global trade environment, container cargo volume continued to rise in the third quarter, following growth in the first half of the year," said Oceans Minister Chun Jae-soo. "However, the growth rate is slowing, so we are closely monitoring market conditions and maintaining cooperation with relevant agencies."

South Korea's handling of transshipment cargo, or cargo processed here en route to final destinations, added 0.6 per cent on-year to 3.47 million TEUs.

Non-container cargo handled at seaports fell 1.5 per cent on-year to 257.1 million tons in the third quarter, the ministry said.

Meanwhile, Seoul stocks were trading higher late Thursday morning as investors awaited the outcome of a high-stakes summit between the world's two largest economies.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 39.99 points, or 0.98 per cent, to 4,121.14 during early trade.

The KOSPI had opened slightly higher following a trade deal reached in a summit between U.S. President Donald Trump and President Lee Jae Myung on Wednesday.

--IANS

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