The coastal freight transport value in South Korea stood at 27.6 Billion Tonne Kilometers in 2023. The data from 2013 to 2023 reveals several fluctuations with notable changes in year-on-year growth rates. From a year-on-year increase of 18.11% in 2013, the values suffered significant declines in 2018 and 2020 by -16.46% and -43%, respectively. A recovery indicated by a 68.27% increase in 2021 steadied towards a slight decline in 2023 at -0.79%.
The compound annual growth rate (CAGR) calculated over the last five years reflects a marginal decline at -0.49%.
Forecasted trends depict a gradual decline from 2024 through 2028, with the CAGR expected to decline further by -0.66%, resulting in an overall decrease of -3.26% during this period.
Future trends to watch for:
- Impact of global supply chain disruptions on coastal freight transport.
- Potential shifts towards alternative transport methods.
- Technological advancements and environmental regulations affecting the sector.
- Economic recovery and trade policies influencing freight volumes.
