Sejong Oct 17 (BNA): Freight costs for container shipping destined for the US West Coast fell in September compared to the previous month amid growing concerns about the US economic slowdown, government data showed on Monday.
The average freight rate for a 40-foot container from Asia’s fourth-largest economy to the US West Coast fell 0.4 percent year on year to 13.88 million won (US$960,000), according to data from the Korea Customs Service (KCS), Yonhap. mentioned.
However, the rate was up 19.1% from the previous year, compared to an annual increase of 32.3% in August.
The cost of shipping a 40-foot container from South Korea to the East Coast of America also decreased 0.1% month-on-month in September, with the cost of shipping to the European Union dropping 6.6%.
The rate of container shipments to the European Union declined for the fourth consecutive month in September.
In contrast, container shipping costs for China rose 0.7 percent last month compared to August.
The data also showed that the average cost of South Korean importers to ship a 40-foot container from the West Coast of America fell 5.8% per month to 3.5 million won in September. But compared to the previous year, inflation increased by 19.2 percent
The rate from the US East Coast expanded by 10.4 percent month over month in September and rose 41.4 percent from the previous year.
SM