GANGWON-DO < invest Korea

According to Yonhap News,

(DONGHAE=Yonhap News) Last year, Gangwon-do’s five trading ports recorded a total trade volume of 59.54 million tons, which is a 12.9% increase from 52.70 million tons in the previous year.

According to an announcement made by the Donghae Regional Office of Oceans and Fisheries on February 20, the Port of Hosan in Samcheok recorded the highest growth rate of 71% year-over-year, followed by the Port of Okgye (14%), the Port of Samcheok (9%), the Port of Donghae, and the Mukho Port (1%).

The Port of Hosan, in particular, reached the 10-million mark for the first time since its opening in 2014. By traded item, coal and LNG trade volumes significantly increased by 59% and 27%, respectively, while limestone and cement trade volumes went up by around 4%.

The substantial increases in the coal and LNG trade volumes are attributed to the full-fledged launch of the Korea Southern Power power-plant and the construction of additional LNG storage facilities by the Korea Gas Corporation.

Last year, the five ports took up only 3.8% of the total trade volume of all ports in Korea, which stands at 1,570 million tons.

However, the ports handled 98% and 52% of the limestone and cement traded in Korea, respectively. An official of the Donghae Regional Office of Oceans and Fisheries said: “For the last 10 years, the trade volume of trading ports in Gangwon-do has increased by 4.4% per year.”

yoo21@yna.co.kr

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Source Text

Source: Yonhap News (Feb. 20, 2018)

** This article was translated from the Korean.