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Growth in container rates for U.S. west coast edges down in Sept.

Economy 10:12 October 17, 2022

SEJONG, Oct. 17 (Yonhap) -- Shipping costs for container cargo bound for the west coast of the United States inched down in September from a month earlier amid mounting worries over a U.S. economic downturn, government data showed Monday.

The average freight rate for a 40-foot container from Asia's fourth-largest economy to the U.S. west coast fell 0.4 percent on-year to 13.88 million won (US$960,000), according to the data from the Korea Customs Service (KCS).

From a year earlier, however, the rate rose 19.1 percent, compared with the 32.3 percent on-year surge recorded in August.

The shipping cost for a 40-foot container from South Korea to the east coast of America also dropped 0.1 percent on-month in September, with that to the European Union sinking 6.6 percent.

The container freight rate for the EU declined for the fourth month running in September.

In contrast, container shipping costs for China increased 0.7 percent last month from August.

The figures are based on freight rates reported by local export companies.

The data also showed South Korean importers' average cost to ship a 40-foot container from the west coast of America falling 5.8 percent on-month to 3.5 million won in September. From a year earlier, however, it swelled 19.2 percent

The rate from the U.S. east coast expanded 10.4 percent on-month in September and soared 41.4 percent from a year earlier.

Comparable on-month gains were 1 percent from China, 9.8 percent from Japan and 3.9 percent from Vietnam, while the freight rate from the EU dipped 2.1 percent, according to the data.

Growth in container rates for U.S. west coast edges down in Sept. - 1


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