War hazards raise shipping costs

Domestic firms exporting to foreign countries now have to cover heavier expenses for the distribution of goods due to the war in Iraq.

The Korea International Trade Association yesterday announced that, because of risks associated with the war, members of the Informal Rate Agreement had notified the association of an increase from $54 to $97 per TEU (20-foot equivalent unit), starting Monday.

The IRA is a council that covers trade between the Far East and the Middle East.

The association also explained that the total per-unit expenses for shipping from Busan to Dubai would surge by about 33 percent.