Exports from South Korea totalled US$44.74bn in September 2013, a decline of 1.5% year-on-year (y-o-y). The fall has been attributed to the celebration of the Chuseok holiday during the month, according to Business Report. Statistics Korea has highlighted low inflation in September 2013, linking the trend with lower farming expenditure.
However, as we outlined in our analysis of China's changing manufacturing landscape and its impact on the North East Asian region (see 'China's Changing Impact On Regional Manufacturing', August 30), Korea's technological supremacy would likely shield it from China's economic shift towards high-tech manufacturing in the medium term. That said, central to Korean tech companies being able to hold their own against China lies in them keeping up their emphasis and spending on R&D.
The South Korean freight transport industry will experience mixed fortunes across the modes in 2014. While the air freight sector is set to see unimpressive tonnage throughput annual growth of 2.01%, rail freight will perform slightly better (3.04%). The Port of Busan, however, will enjoy a healthy growth rate this year, growing by just over 7%.
Headline Industry Data
2014 air freight tonnage throughput forecast to increase by 2.01%.
2014 rail freight tonnage throughput forecast to grow by 3.04%.
Total trade (imports plus exports) is set to grow by 3.75% in real terms in 2014.
The Port of Busan will see gross tonnage growth increase by 7.27% in 2014.
The Port of Incheon is forecast to see gross tonnage growth of 1.70% in 2014.
Key Industry Trends
Russia Strengthens Links With North Korea, Benefitting The South - Russia is planning to reopen a railway link with North Korea, which will benefit its neighbours in the south. The north will welcome the news as it continues to be squeezed by international sanctions and sees a decrease in US and South Korean aid. The 54-km track would stretch from the Russian border town of Khasan to the port of Rajin in...
The South Korea Freight Transport Report has been researched at source, and features latest-available data covering commercial transport and logistics by road, rail, air and water; industry forecasts, company rankings covering leading national and multinational operators; and analysis of latest industry trends, opportunities, projects and regulatory changes.
Business Monitor International (BMI)'s South Korea Freight Transport Report provides industry professionals and strategists, sector analysts, investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the Korean freight transport and logistics industry.
- Benchmark BMI's independent freight transport industry forecasts on South Korea to test other views - a key input for successful budgetary and planning in the strategic freight transport market.
- Target business opportunities and risks in the Korean freight transport sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in South Korea.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs, and latest activity).
BMI Industry View
Summary of BMI's key industry forecasts, views and trend analysis covering freight transport and logistics, regulatory changes, major investments and projects and significant national and multinational company developments.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the freight sector and within the broader political, economic and business environment.
Industry Trends And Developments
Analysis of latest projects across the freight transport sector (road, rail, air, sea and logistics) including market overview which provides an outline of the key elements driving development.
BMI Industry Forecasts
Historic data series and forecasts to end-2018 for all key industry and macroeconomic indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
Transport Sector: Sector Value (US$bn); sector real growth (%); employment (`000); total freight carried by road, rail, inland waterways, maritime, air and pipeline (mn tonnes-km/mn tonnes)
Trade: Exports and imports (US$mn) by category of goods (manufactured goods, food, chemicals etc.); top-5 import and export trade partners (US$mn); imports/exports to each global region (US$mn)
Port Data: Throughput (`000 tonnes) and container throughput (TEU) for all major ports in the state
Oil Products Prices: Price forecasts for gasoline and aviation fuel (US$/bbl) at all major global energy trading hubs
Economic Indicators: Nominal GDP (US$bn); real GDP growth (%); GDP per capita (US$); industrial production (%); unemployment (%)
Details of the freight infrastructure in each state by segment (road, rail, air, water and pipelines). Full analysis of the competitive landscape within each segment.
The freight reports contain a chapter detailing the political outlook of a given region, examining the domestic politics, long-term outlook and foreign policy, and assessing the impact this could have on freight and transport businesses.
Examines the short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT (Strengths, Weaknesses, Opportunities and Threats) analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.