Container rates from South Korea to the U.S. west coast down for the second straight month - Yonhap
Container shipping costs from South Korea to the U.S. west coast dipped for the second straight month in November amid a global economic slowdown, government data showed Thursday, according to Yonhap.
The average freight rate for a 40-foot container from Asia's fourth-largest economy to the U.S. west coast tumbled 26.9 percent on-year to some 9.1 million won (US$7,000) last month, according to the data from the Korea Customs Service (KCS).
It marks the second consecutive month of on-year decline and the first time in 16 months that the rate has hovered below 10 million won.
From a month earlier, the shipping cost contracted 13.5 percent in November.
The shipping cost from South Korea to the east coast of America also sank 18.1 percent on-year to 9.4 million won in November, with that to the European Union nose-diving 31.9 percent.
In contrast, container shipping costs for China rose 5.9 percent on-year last month, with that for Vietnam surging 29 percent.
The figures are based on freight rates reported by local exporters.
The data also showed South Korean importers' average cost to ship a 40-foot container from the U.S. west coast jumped 30 percent, with the rate from the U.S. east coast climbing 17.9 percent.
Comparable on-year increases were 4.7 percent from China, 20.6 percent from Japan and 5.9 percent from the EU, while the freight rate from Vietnam fell 3.4 percent, according to the data.
