Korea ranks fourth after the U.S., China, and Japan in terms of volume of Panama Canal

The Panama Canal, a key channel of maritime trade between the Pacific Ocean, the Caribbean, and the Atlantic Ocean, had the fourth-largest volume of Korean shipments worldwide.

The Panama Canal Authority said South Korean ships carried 19.66 million tons of cargo through the Panama Canal between October last year and September this year, accounting for 9.4% of the total.

The top spot was the U.S., which accounted for 74.7 percent, carrying 157.06 million tons, followed by China with 45.04 million tons, Japan with 33.73 million tons, 14.6 percent, Chile with 8.3 percent and Mexico with 8.2 percent.

As the proportion of South Korean shipments increased, Panama's Vice Minister of Trade and Industry Carlos Oyos met with the Korea Shipping Association and expressed his intention to support Korean shipping companies to improve their convenience to pass through the canal and ensure a favorable use environment.

The Panama Canal, an artery for global logistics, was also responsible for 4% to 5% of the world's trade, although droughts last year led to a red light at the lake level that supplies freshwater to the canal, restricting ship traffic.