According to data from the Korea Customs Service, the average rate for a 40-foot container from South Korea to the U.S. west coast decreased 5 percent in July compared to the previous month, to 4.37 million won (US$3,265). Rates for the U.S. east coast and the EU routes also decreased, by 1.9 percent and 4.3 percent respectively. Shipping costs for containers bound for China and Japan also went down, by 14.4 percent and 3.6 percent respectively.
In contrast, the costs for South Korean importers to transport a 40-foot container from the west coast of the U.S. rose 4.1 percent, while those from the east coast dropped 4.4 percent. The rates for containers from the EU increased 4.5 percent on-month in July.
Shipping containers are stacked at a port in Busan, 320 kilometers south of Seoul, in this Aug. 1, 2023, file photo. (Yonhap)