SOUTH KOREA's Busan Port handled 16.25 million TEU in the first 10 months of the year, an increase of 4.8 per cent compared to the same period last year, according to data from Busan Port Authority (BPA).

Notably, the port handled a record 868,000 TEU of transhipment cargo in October after volumes grew by 9.2 per cent year on year.

Total cargo volume in October rose 1.5 per cent against the previous year to 1.636 million TEU, with transhipment cargo accounting for 53.1 per cent of the total cargo volume, reported St Petersburg PortNews.

By comparison the port of Hong Kong handled 1.592 million TEU in October, a 12.8 per cent decrease year on year.

"Despite the long term global recession, we expect to achieve our goal of 19.5 million TEU this year. We will maintain our ranking as the world's fifth largest port next year if the growing trend continues and cargo volume at Hong Kong Port continues to decrease," BPA president Woo Ye-jong said.