Export/Import Updates!
Busan (KRPUS), Busan, South Korea

Busan

Busan (KRPUS), Busan, South Korea
ADDRESS
122, Daegyo-ro, Jung-gu, Busan 48943, Republic of Korea
EMAIL
Text Link
bpamaster@busanpa.com
FAX
-
CORPORATE OFFICE
ANNUAL CARGO TONNAGE
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ANNUAL CONTAINER VOLUME
19,850,000 TEUs (2016)

Requirements to ship to the ports

For companies exporting to the Republic of Korea, the following shipping documents are required to clear Korean Customs:COMMERCIAL INVOICE: An original invoice and two copies must be presented with the shipping documents and must include total value, unit value, quantity, marks, product description and shipping from/to information.CERTIFICATE OF ORIGIN: Prior to implementation of the KORUS FTA, a Certificate of Origin, in duplicate, was required for some products. Exporters are encouraged to discuss shipping document requirements with their respective importer.

A certification may be made for a single shipment or for multiple shipments of identical goods, for up to twelve months, by specifying this in the certification. The importer submits the certification to Korean Customs, in writing or electronically, including at least the following information:Name and contact information for the certifying personThe importerThe exporterThe producer of the goodHarmonized System Tariff classification and description of the goodInformation demonstrating that the good originates from the United States. This can be satisfied by either:The producer’s written or electronic certification that the product meets KORUS FTA origin requirements; orThe producer’s or exporter’s knowledge that the good meets KORUS FTA origin requirements.Date of the certificationIn the case of a blanket certification, the period that the certification covers.

BILL OF LADING: A clean bill of lading identifying the name of the shipper, the name and address of the consignee, the name of the port of destination, description of the cargo, a price list of freight and insurance charges (CIF), and attestation of carrier’s acceptance on board for the goods is sufficient. There are no regulations pertaining to the form of the bill of lading nor the number of bills of lading required to clear customs. As bills of lading are for ocean and overland cargos, the airway bill of lading replaces the bill of lading for air cargo shipments.

MARITIME INSURANCE: Under the Incoterms (shipping terms) agreed to by the parties in a transaction, if the exporter is responsible for insurance, a marine insurance policy or insurance certificate is required.

Information related to the need of special documentation for food and agricultural commodities, including sanitary-phytosanitary certificates and other agricultural documentation, can be found on the USDA/Animal Plant Health Inspection Service (APHIS) website

About the port

Port of Busan is the largest port in South Korea. As of 2016, it ranks as the 5th largest in the world in terms of annual throughput (TEU). It is fast developing as a logistics hub for the Northeast Asia region.

Handling

The Port of Busan has a quay length of 30,709 m with a berthing capacity for 146 vessels, including passenger ships and oil tankers. It has a container yard covering an area of 3,469,000 sq. mi. and an open storage area of 261,000 sq. mi. The port is well-equipped to handle 17 million tonnes of cargo annually.

History

Port of Busan started its operations in the early 15th Century as a trading port having strong ties to Japan. Under the Japanese rule, the port of Busan became an important trading hub for the international markets. In the late 20th century, the port was re-established with a new container port after which there was no looking back.

Importance

Recognised as the 5th busiest port in terms of total tonnage (TEU) handled, Port of Busan is located along the major trade routes of South Korea. Its easy connectivity to 500 ports, across 100 countries, is helping it develop as an international logistics hub in the region.