Incheon Port Boosts Its Status as Import Port for Government’s
Stockpiles


Incheon Port is rapidly emerging as a port for government stockpile
imports due to a significant increase in imports of US edible
soybeans.

The IPA (www.icpa.or.kr) announced on December 20 that the Korea
Agro-Fisheries & Food Trade Corporation (aT) designated Incheon Port
as the exclusive port for receiving 10,000-ton container volumes
through a bid announcement of the basis purchase in 2018.

The volume is a 66% increase from the 6,000 tons imported via
Incheon Port that aT designated as the import port when it imported
a basis purchase in 2017 and a spot purchase in 2016. The import
volume increased five-fold from the 2,000 tons of US edible soybeans
imported by the government as its stockpile in 2015.

The edible soybeans was able to be imported through Incheon Port
thanks to the launch of a new route after the opening of the new
port. According to the IPA, the import of edible soybeans for
government stockpiling to Incheon Port started with 2,000 tons in
2015, and hit 6,000 tons this year. An additional 6,000 tons is
expected to be imported next year.

Since 2015, the IPA has had in-depth discussions with quarantine
authorities, dock operators and shipping companies, and aT in charge
of import and export logistics of Korea''s agricultural and fishery
products, in order to lower logistics cost and contribute to
stabilizing consumer prices by improving distribution channels for
importers in the Seoul metropolitan area.

aT has been increasing import volumes via Incheon port little by
little by paying attention to the fact that the trade volume with
the North America through Incheon New Port has the benefit of not
only reducing direct inland cargo transportation and logistics costs
but also reducing the social cost indirectly, IPA explained.

According to the IPA, importing the cargos for the Seoul
metropolitan area via Incheon Port saves importers’ transportation
time compared to using other ports located in the southern part of
the country, and reduces environmental and social overhead costs
resulting from noises, pollution, congestions, accidents and damage
to roads.