Korean maritime sector sees record cargo volumes in 2023

[Photo by Yonhap]

South Korea’s maritime sector saw record-high cargo volumes in 2023 after China’s reopening and a rise in Korean car exports to the Middle East.

The Ministry of Oceans and Fisheries released data revealing on Monday that cargo volumes across major ports rose 4.6 percent to 30.14 million twenty-foot equivalent units (TEUs) in 2023. A single TEU is one 20-foot container or its equivalent.

“The success came amid prevalent geographical risks, including the Russia-Ukraine war,” according to a statement from the ministry.

Transshipment volumes jumped 4.8 percent to 12.74 million TEU in 2023.