Seoul: Container shipping costs from South Korea to the United States declined last month, largely due to a decrease in trade volume influenced by U.S. tariff policies, the customs agency said Monday. The average shipping cost for a 40-foot container from South Korea to the U.S. east coast dropped 4.5 percent from a month earlier to 6.4 million won (US$4,610) in July, according to data from the Korea Customs Service.

According to Yonhap News Agency, shipping rates to the U.S. west coast dropped 8.5 percent to 5.53 million won during the same period. Shipping costs to China also fell 6.2 percent to 634,000 won. Meanwhile, average shipping costs from South Korea to the European Union gained 6.3 percent on-month in July to 4 million won.

The customs agency attributed the decline in maritime freight rates to the U.S. and China to reduced trade volume stemming from escalating tariff policies. The agency said in the short term, upward pressure on shipping costs is likely to continue on European and Southeast Asian routes. The figures include freight rates, commissions and other related charges reported by local exporters, the agency said.