The impact of seaports on the regional economies in South Korea: Panel evidence from the augmented Solow model

•Cargo ports boost regional economic growth only with sufficient throughput.•Insufficient cargo throughput undermines regional economic growth.•Container ports significantly enhance regional economic growth.•Port investment affects economic growth through cargo and container throughput. This study reveals the economic impact of seaports on regions in Korea. Econometrics analysis employing an augmented Solow model is conducted based on the panel data covering all the regions of Korea over the period 2000–2013. The econometrics analysis shows that cargo ports without sufficient throughput obstruct regional economic growth, whilst cargo ports contribute to regional economic growth only when they have sufficient throughput. Furthermore, the result indicates that container port activities positively affect regional economic growth, whilst port investment indirectly leads to economic growth. This study contributes to the better understanding of the role of ports in Korean economies.