South Korea’s competitiveness in transport services saw a sharp decline in the past ten years due to a nearly 70-percent drop in the export of shipping services.

The assessment came in a report released on Monday by the Institute for International Trade under the Korea International Trade Association.  

According to the report, South Korea’s export of transport services saw its share in the global market slip from four-point-seven percent in 2010 to two-point-six percent in 2019. As a result, South Korea’s global ranking in terms of such services fell from fifth to eleventh.  

The report said South Korean shipping companies suffered worsened competitiveness following the bankruptcy of Hanjin Shipping Company while global competitors became more competitive via alliances or mergers and acquisitions.  

The report said in order for the trade and logistics industries to enjoy joint growth, there is a need to raise the rate in which owners of goods consign cargo to national flag carriers.