The volume of rail freight transport in South Korea has experienced a steady decline over the past decade. In 2023, the volume stood at 5.77 billion tonne kilometers, continuing a trend that began in 2013 with 10.46 billion tonne kilometers. Over the last two years, the volume decreased by 4.63% in 2023 and 10.4% in 2022, highlighting a sharp year-on-year decline. The compounded annual growth rate (CAGR) over the past five years was -6.03%, indicating an average annual decrease. By 2028, the expected 5-year CAGR is -4.95%, with a total projected decline of 22.4%, bringing the volume down to 4.24 billion tonne kilometers.
Future trends to watch for:
- Potential impact of technological advancements in rail transport systems.
- Changes in trade policies affecting intermodal transport utilization.
- Environmental regulations pushing for more sustainable freight options.
- Evolving domestic industries and their demand for rail transport.
