Fast Market Research recommends "South Korea Freight Transport Report Q3 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 08/15/2013 -- The cyclical rebound in economic momentum that began in H212 has failed to gain significant traction in 2013. Year-to-date exports have grown only 0.5% year-on-year (y-o-y) while imports are struggling to break out of contractionary territory. Trade momentum has failed to pick up despite an uptick in the global semiconductor industry and weak order growth suggests that this trend is likely to persist going forward, which will have a knock-on effect on the South Korean freight industry.
Allied to this, aggressive monetary easing in Japan and by extension, a rapidly weakening Japanese yen that has also threatened Korean exporters. This latter scenario could end up having a detrimental impact on South Korea's freight industry over the short term. Following the aggressive monetary easing undertaken by the Bank of Japan, the Bank of Korea has likewise intervened in the currency markets in order to stem decline of the Japanese yen against the Korean won, consequently curbing the adverse effects on Korean exporters.
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In 2013, as we move towards the second half of the year, the freight picture is relatively muted. The outperformer is set to be the shipping sector, with the Port of Busan faring best over the course of the year with tonnage throughput expected to grow just under 7% year-on-year (y-o-y).
Headline Industry Data
- 2013 air freight tonnage throughput forecast to increase 2.32%.
- 2013 rail freight tonnage throughput forecast to grow 2.67%.
- Total trade (imports plus exports) in real terms is set to grow 2.90% in 2013.
- The Port of Busan will see gross tonnage growth increase 6.80% in 2013.
- The Port of Incheon is forecast to see gross tonnage growth of 5.12% in 2013.
Key Industry Trends
Developed Box Shipping Role, But Growth Opportunities Exist - South Korea is renowned for its welldeveloped container shipping sector, acting as a major Asian transhipment point on both the Asia-Europe and transpacific trade routes. The country will seek to retain this transhipment position over the medium term, while also meeting domestic trade demands. The major question for such a developed container shipping market as South Korea is: where are the growth opportunities?
Incheon Airport Registers 3.2% Fall In Cargo Handling - South Korea's Incheon Airport registered a 3.2% year-on-year (y-o-y) fall in cargo handled in Q113 (to 576,343 tonnes) compared with 595,367 tonnes in Q112, reported the Journal of Commerce Online in mid May 2013. However, the airport transported 223,268 tonnes of cargo in March, up by 1.6% y-o-y, compared with 219,860 tonnes in the same period a year ago. The amount of international airfreight handled by the South Korea airport recorded reduction for two successive years, owing to the global economic fall and cargo weight lightening.
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