Busan has the fifth busiest seaport in the world
Southeast Korea's economic, cultural, and educational hub is Busan. The Port of Busan is one of the five busiest seaports in the world and the busiest seaport in Korea as well as the largest transshipment port in northeast Asia.
As a small port with active trade between Korea, China, and Japan, Busan Port was founded in 1876. It is situated across from the Japanese island of Tsushima near the Nakdong River's mouth. Busan was one of the few locations which North Korea did not conquer during the Korean War (1950–1953), bringing war refugees to the city. In order to maintain a stable economy at the time, the port of Busan was crucial for receiving war supplies and help, such as clothing and processed meals. Factory workers moved to Busan in the 1970s as the footwear and chipboard industries grew, increasing the city's population from 1.8 million to 3 million.
Busan's port kept expanding, and in 2003 it ranked as the fourth-largest container port in the world. In 1970, South Korea represented 0.7 percent of world commerce; by 2003, that percentage had increased to 2.5 percent. Busan is the biggest container and general cargo port in the nation since 50% of the manufacturing employment there is tied to exports and 83% of the exports are containerized. Inchon port only handles 7% as many containers as Busan port does. Its rapid expansion is attributed to the Port of Busan's convenient accessibility from Singapore, Japan, and Hong Kong.
The port of Busan is now the tenth busiest port in Northeast Asia and the fifth busiest container port in the world. The 2004-founded Busan Port Authority (BPA) created, oversaw, and ran it. The four ports that make up the modern Busan Port are the North Port, South Port, Gamcheon Port, Dadaepo Port, International Passenger Terminal, and Gamman Container Terminal. With Gamcheon Port's assistance, the North Port can handle greater amounts of goods and offers passenger and freight handling services. The Busan Cooperative Fish Market, the biggest fish market in South Korea, is located in South Port and processes 30% of all marine catches. Dadaepo Port, which is west of Busan Port, specializes in the coastal catch.