South Korea Shipping Report Q1 2016
BMI View: Our forecasts for South Korea's two main ports anticipate positive growth in 2016, althoughthese figures will post a slight drop on our estimated figures for 2015. Box growth at the Port of Incheonwill be the annual outperformer, at 9.7% growth, although over our medium-term forecast period to 2019the highest port growth will be seen in box throughput at the Port of Busan. With the Chinese economicslowdown mostly abating, and growing real GDP and GDP per capita growth, we see a goodmacroeconomic foundation on which the shipping industry can reap dividends over the next couple ofyears.
Growth at South Korea's two major ports, the Port of Busan and the Port of Incheon, will post slightly lowerfigures in 2016 than those we estimate for the country in 2015. The exception to this will be box throughputat the Port of Busan, which will reach 5.6% growth in 2016 (up very marginally from 5.5% in 2015).
Expansion at the Port of Busan, with a goal to process 13mn TEUs by 2020, will help establish South Koreaas a regional TEU hub in the face of stiff competition from other East Asian neighbours.
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