Container throughput at Busan port South Korea 2014-2023

In 2023, around 23.15 million twenty-foot equivalent units of containers were handled at Busan port. This was the highest figure recorded during the surveyed period.

Reliance on maritime trade 

As South Korea’s relations with North Korea remain difficult, the country basically functions as an island that depends considerably on maritime trade. Busan, the nation’s second-largest city, serves as its principal port and is also one of the busiest in the world. This position has contributed to turning South Korea into a leader in global shipbuilding, which constitutes a major industry in the country. As such, the nation’s economic prosperity is closely linked to stable and open sea lanes for shipping.

An export powerhouse 

The southern part of the Korean peninsula is relatively poor in natural resources, which has traditionally driven the country to heavily rely on manufacturing exports to strengthen its economy. Among major world economies, this export focus makes South Korea’s trade-to-GDP ratio comparable to Germany’s. From the port of Busan, a significant volume of the domestically produced cars, heavy machinery, and electronics are shipped to principal export destinations such as the United States, China, and Vietnam.