The bankruptcy of Hanjin Shipping last year dealt a severe damage to the local shipping industry
South Korea’s maritime transport deficit has risen sharply from US$1.34 billion in 2016 to US$4.78 billion last year, marking the biggest shortfall since the central bank began collecting data in 2006, Yonhap News has reported referring to data from the Bank of Korea.
The central bank attributed the record high deficit to the slump in the global shipping market and the restructuring of the domestic shipping sector which stemmed from the bankruptcy of Hanjin Shipping in early 2017.
The Bank of Korea expects South Korea to log another deficit in maritime transport account this year as the local shipping industry is yet fully recover from the market turmoil.
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