Forecast: Coastal Shipping Freight in South Korea

The coastal shipping freight volume in South Korea stood at 25.56 billion tonne-kilometers in 2023, showcasing a significant decline over the years since 2013 when it was 30.48 billion tonne-kilometers. The period between 2013 to 2023 saw fluctuations with some years of growth like 2015 and 2016 and major declines post-2017. Particularly, the last two years saw a tapering off from 27.73 billion tonne-kilometers in 2021 to 26.64 billion tonne-kilometers in 2022, and further to 25.56 billion tonne-kilometers in 2023, representing a year-on-year decrease of 4.04% in 2023. Over the last five years, the volume has declined at an average CAGR of -2% annually.

Looking ahead, the forecast from 2024 to 2028 suggests a continued downward trend with an expected CAGR of -3.65%. The volume is predicted to decrease to 20.34 billion tonne-kilometers by 2028, representing a 16.96% decline from 2023 levels.

Future trends to watch for include advancements in shipping technology, changes in trade policies, and environmental regulations that might impact shipping routes and volumes. Additionally, economic factors such as fuel prices and demand fluctuations for maritime goods will significantly influence coastal shipping in South Korea. Keeping an eye on the technological and policy environment will be crucial for anticipating shifts in coastal shipping freight volumes.