THERE was a 4.8 per cent month-to-month increase in container shipping costs from Korea to China in December 2023, reports Korea's Yonhap news agency.
According Korea Customs Service, the average shipping cost for a FEU on this route reached US$394.36 last month.
This marks the second consecutive monthly increase, following a 3.9 per cent growth in the preceding month.
However, the costs experienced a significant drop of 58.5 per cent on a year-on-year basis, as per the data.
In December 2023, shipping expenses to Vietnam increased 4.8 per cent, marking the second consecutive monthly rise.
Meanwhile, costs for shipping to Japan decreased nine per cent month-to-month.
Most longer routes reported heightened shipping costs in December 2023. Shipping costs from Korea to the US west coast increased 1.9 per cent, and those to the US east coast rose 4.7 per cent.
The expense of shipping to the EU went up 4.3 per cent.
These figures include freight rates, commissions, and other charges reported by local exporters. Importers in Korea saw a drop of 17 per cent and 8.3 per cent in average costs to ship an FEU from the EU and the US west coast.
According to the data, costs from the US east coast and China reported a decline.
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