S. Korea's shipping cost for imports from Europe keeps double-digit growth in April

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SEOUL, May 16 (Xinhua) -- South Korea's shipping cost for imports from Europe kept a double-digit growth for the third consecutive month in April due to geopolitical risks around the Red Sea, customs office data showed Thursday.

The average shipping cost for a 40-foot container from the European Union (EU) to South Korea surged 32.8 percent in April from a month earlier after jumping 37.7 percent in February and 11.6 percent in March, according to Korea Customs Service.

The higher shipping cost was attributed to the ongoing tensions around the Red Sea that forced shipping companies to suspend transit through the Middle East maritime route.

The shipping cost for South Korea's exports to the EU reduced 6.9 percent in April from a month earlier, but compared to the same month of last year, it spiked 42.6 percent.

The average fare for air transport from the EU to South Korea declined 6.9 percent in April on a monthly basis.

The figures included freight rates, commissions and other charges reported by local companies. Enditem

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