freight rates-October tally

Container rates for U.S. west coast drop for 2nd month in Oct.

SEJONG, Nov. 15 (Yonhap) -- Container shipping costs from South Korea to the U.S. west coast fell for the second month in October amid signs of a global economic downturn, government data showed Tuesday.

The average freight rate for a 40-foot container from Asia's fourth-largest economy to the U.S. west coast sank 9.6 percent on-year to 11 million won (US$8,310) last month, according to the data from the Korea Customs Service (KCS).

It marks the second consecutive month of on-year decline. In September, the rate fell 0.4 percent from a year earlier.

From a year earlier, the shipping cost decreased 16.1 percent.

The shipping cost from South Korea to the east coast of America also shrank 12.1 percent on-year in October, with that to the European Union (EU) dipping 9.5 percent.

In contrast, container shipping costs for China soared nearly 47 percent on-year to 1.32 million won last month. The rate for Japan increased 6.1 percent to 1.13 million won.

The figures are based on freight rates reported by local exporters.

The data also showed South Korean importers' average cost to ship a 40-foot container from the U.S. west coast spiked 22 percent on-year to 3.46 million won. The rate from the U.S. east coast shot up 39.4 percent to 2.86 million won.

Comparable on-year gains were 20.4 percent from China, 37.2 percent from Japan and 7.5 percent from the EU, while the freight rate from Vietnam inched down 0.7 percent, according to the data.

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