The volume of national coastal shipping in South Korea stood at 28.29 Billion Tonne Kilometers in 2023. Over the past decade, the trend has been quite volatile, with peaks and troughs indicating varying demand and market conditions. Notably, between 2013 and 2023, the volume initially increased before peaking in 2016 at 37.04 Billion Tonne Kilometers, followed by a general downward trend with some fluctuations.
Year-on-year variations show a significant decline of -2.52% from 2022 to 2023, continuing the negative trend from the previous year. The Compound Annual Growth Rate (CAGR) over the past five years stands at approximately -0.0042%, indicating stability but with a downward bias.
Looking ahead, the forecast indicates a continued decline in volume, with a projected CAGR of -2.14% over the next five years. By 2028, the volume is expected to decrease to 24.73 Billion Tonne Kilometers, reflecting a total decline of -10.27% from 2023 levels.
Future trends to watch for include:
- Technological advancements in shipping logistics and efficiency.
- Impact of environmental regulations and policies on coastal shipping operations.
- Shifts in economic activities and trade patterns that may influence coastal shipping demand.
- Investment in alternative transportation modes and infrastructure improvements.
