Boston, MA -- (SBWIRE) -- 01/09/2014 -- Exports from South Korea totalled US$44.74bn in September 2013, a decline of 1.5% year-on-year (y-o-y). The fall has been attributed to the celebration of the Chuseok holiday during the month, according to Business Report. Statistics Korea has highlighted low inflation in September 2013, linking the trend with lower farming expenditure.
However, as we outlined in our analysis of China's changing manufacturing landscape and its impact on the North East Asian region (see 'China's Changing Impact On Regional Manufacturing', August 30), Korea's technological supremacy would likely shield it from China's economic shift towards high-tech manufacturing in the medium term. That said, central to Korean tech companies being able to hold their own against China lies in them keeping up their emphasis and spending on R&D.
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The South Korean freight transport industry will experience mixed fortunes across the modes in 2014. While the air freight sector is set to see unimpressive tonnage throughput annual growth of 2.01%, rail freight will perform slightly better (3.04%). The Port of Busan, however, will enjoy a healthy growth rate this year, growing by just over 7%.
Headline Industry Data
- 2014 air freight tonnage throughput forecast to increase by 2.01%.
- 2014 rail freight tonnage throughput forecast to grow by 3.04%.
- Total trade (imports plus exports) is set to grow by 3.75% in real terms in 2014.
- The Port of Busan will see gross tonnage growth increase by 7.27% in 2014.
- The Port of Incheon is forecast to see gross tonnage growth of 1.70% in 2014.
Key Industry Trends
Russia Strengthens Links With North Korea, Benefitting The South - Russia is planning to reopen a railway link with North Korea, which will benefit its neighbours in the south. The north will welcome the news as it continues to be squeezed by international sanctions and sees a decrease in US and South Korean aid. The 54-km track would stretch from the Russian border town of Khasan to the port of Rajin in North Korea and would see coal exported, with goods imported from South Korea and other regional neighbours.
British Airways To Expand In South East Asia - British Airways (BA) is set to expand its presence in Asia, beginning with the addition of new jetliners to its fleet in November 2013, designed for operating long intercontinental flights. Speaking to the Wall Street Journal, British Airways Commercial Director Andrew Crawley explained that 'the 787s will allow us to fly to more secondary cities in China and India and other destinations in Asia'.
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