SEOUL, June 16 (Yonhap) — Container shipping costs from South Korea to the United States declined last month, largely due to a decrease in trade volume influenced by U.S. tariff policies, the customs agency said Monday.
The average shipping cost for a 40-foot container from South Korea to the U.S. east coast dropped 1.4 percent from a month earlier to 5.63 million won (US$4,126) in May, according to data from the Korea Customs Service.
Shipping rates to the U.S. west coast fell 6.3 percent to 5.18 million won during the same period.
“The decline in maritime freight rates was driven by reduced trade volume, influenced by U.S. tariff measures,” an official from the agency said.
Average shipping costs from South Korea to the European Union fell 1.7 percent on-month in May to 3.89 million won, marking the fifth consecutive month of decline.
In contrast, shipping costs to China gained 3.6 percent to 738,000 won.
The figures include freight rates, commissions and other related charges reported by local exporters, the agency said.
khj@yna.co.kr
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