Container shipping costs spike in October

The average shipping cost for a 40-foot container for the route was 4.38 million won ($3,358) last month, compared to 4.09 million logged a month earlier, according to the data.

Shipping containers at Busan Port, Korea's largest port, are pictured. [NEWS1]

Container shipping costs from Korea to the U.S. West Coast gained 7.1 percent on-month in October, Korea Customs Service data showed Wednesday.

The average shipping cost for a 40-foot container for the route was 4.38 million won ($3,358) last month, compared to 4.09 million logged a month earlier, according to the data.

It marked the second on-month increase following 1.8 percent growth the previous month.

On an on-year basis, however, the costs dropped 58.6 percent in October.

The shipping expense from Korea to the U.S. East Coast inched down 1 percent on-month, and that to the European Union slid 8.6 percent last month. Costs for China also sank 10.8 percent.

But costs for Japan and Vietnam advanced 10.3 percent and 1.9 percent, respectively.

The figures include freight rates, commissions and other charges reported by local exporters.

Korean importers' average costs to ship a 40-foot container from the U.S. West Coast and China jumped 19.4 percent and 3.5 percent, respectively, in October, while the expenses from the U.S. East Coast dropped 11.5 percent, and those from the EU tumbled 4.8 percent on-month, the data showed.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]