South Korea reports July container shipping costs to Middle East surge 14.5%
MacroCommodity
South Korea's customs office reported that the average shipping cost for a 40-foot container from South Korea to the Middle East rose 14.5% month-on-month to 8.78 million won, or 6,217 US dollars, in July amid prolonged geopolitical tensions in the region. Shipping costs on that route have climbed steadily since March. Meanwhile, container shipping costs from South Korea to the US West Coast increased 11.1% from the previous month to 8.56 million won, and costs to the East Coast rose 14.4% to 8.14 million won. Shipping costs to the European Union jumped 36.4% to 5.68 million won. The figures cover ocean freight, commissions, and other expenses reported by domestic exporters.
