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Most S. Korean exporters eye rising freight rates: poll

A majority of South Korean exporting companies expect international freight rates to continue their uptrend till the first half of 2022, a poll showed Wednesday.

The survey of 1,000 exporters, taken by the Federation of Korean Industries, showed 7 out of 10 firms forecasting freight rates to keep rising at least until June next year.

The companies also expect freight rates to surge 23.8 percent on-year in the second half of this year following a 30.9 percent on-year jump in the first half.

Some 70 percent of the polled corporations replied that international freight rates will normalize after June next year, with only 7 percent projecting them to return to normal this year.

The poll also showed nearly 26 percent of the companies suffered from a surge in freight rates.

About 25 percent of them are troubled by a delay in transportion, with roughly 19 percent having difficulty in securing freight ships.

Nearly 39 percent of those exporting companies said rising logistics costs have resulted in a decline in their operating profit, with about 36 percent suffering from rising costs related to delayed transportation, according to the findings. (Yonhap)