Korea’s Ports Handle Record-High Container Volume of 31.73 Million TEUs in 2024

- Providing stable export/import and transshipment logistics services despite global and domestic challenges

 The Ministry of Oceans and Fisheries (MOF; Minister Kang Do-hyung) announced that Korea’s trade ports handled a record-breaking container volume of 31.73 million TEUs. The figure represents a 5.3% increase (1.58 million TEUs) compared to the previous year’s total of 30.14 million TEUs despite significant changes in the logistics environment, such as geopolitical supply chain instability from the Red Sea crisis and functional reallocation of two major container terminals at Busan Port.

 Export-import volume reached 17.68 million TEUs—a year-on-year increase of 440,000 TEUs (2.6%)—with transshipment volume increasing by 1.15 million TEUs (9%) to 13.89 million TEUs compared to the previous year, both marking all-time highs.

 Busan Port handled 24.4 million TEUs as the highest volume ever (up 5.4% year-on-year); in particular, transshipment volume rose by 1.09 million TEU year-on-year to 13.5 million TEUs, driving the increase in domestic port volume.

 Incheon Port also recorded its highest-ever volume of 3.56 million TEUs—a 2.7% (90,000 TEUs) increase compared to the previous year—with Gwangyang Port handling 2.01 million TEUs for a 7.8% year-on-year increase; thus marking a return to the 2-million TEU threshold for the first time in three years.

 This record-breaking performance in container volume is attributed to increased trade with major partners, including a recovery in the US consumer market and a rise in transshipment volumes originating from China. In particular, Busan Port significantly expanded its cargo handling capacity after opening Korea's first fully automated port in April 2023; thus contributing to achieving the highest container volume.

 “Despite challenging conditions in 2024, we achieved record-high container volume thanks to close cooperation between port authorities and terminal operators. In 2025, considering the changes in external conditions such as the intensifying protectionism, we will ensure the seamless implementation of the Global Hub Port Development Strategy established last year,” Minister Kang Do-hyung said.