Container freight rates for U.S., EU up in May: data

▲ Containers for exports and imports are stacked at a pier under an overcast sky in South Korea's largest port city of Busan, 320 kilometers southeast of Seoul, on June 12, 2023. (Yonhap)

freight rates-May tally

Container freight rates for U.S., EU up in May: data

SEJONG, June 15 (Yonhap) -- Outbound container shipping costs for major destinations, including the United States and the European Union, rose in May from a month earlier, data showed Thursday.

The average rate for a 40-foot container from Asia's fourth-largest economy to the U.S. east coast came to 4.95 million won (US$3,877), up 3 percent from a month earlier, according to the data from the Korea Customs Service.

It marked the first time in 13 months for the rate to rise on-month, the agency said.

Rates for the U.S. west coast and the EU also jumped 7.6 percent and 5.3 percent over the period, respectively, the data showed.

On the other hand, the rates for containers bound for China and Japan slipped 4.2 percent and 2 percent, respectively.

The data also showed the costs for South Korean importers to transport a 40-foot container from the west and east coasts of America dropped 2.6 percent and 9.1 percent, respectively, over the period. Those from the EU and China fell 14 percent and 7.1 percent, respectively, as well.

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