Ocean freight rates for Korean exports to the U.S. East Coast rose 95.3% from April to 9.97 million won ($7,200) per 2 TEU (twenty-foot equivalent units) last month, the highest level this year. The rate increased 24.8% from the previous month and 75.8% from a year earlier, marking a fourth consecutive monthly gain since May. U.S. West Coast rates reached 8.59 million won, up 69.7% from April and 59.4% year on year, while Middle East rates climbed 1.7% from July to 8.84 million won and rose 133.7% year on year, the sharpest annual increase among seven export routes. By contrast, rates to the European Union, China, Japan and Vietnam declined from the previous month. Import freight rates mostly fell, led by a 17.7% drop in rates from the Middle East, although rates from the U.S. West Coast and Japan increased.