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According to Newsis,

Among the companies in the Daegu area, it was found that the export amount of companies that signed export agreements with countries with FTAs increased..

According to a survey on the status of trade with FTA signatories in Daegu for 2021, announced by the Daegu Chamber of Commerce and Industry FTA Support Center on April 8, the amount of exports to the countries that signed FTAs in 2021 (17 agreements) increased to USD 6.1927 billion, up 28.7 percent from the previous year, due to the gradual recovery of the trade environment and the base effect.

Exports by FTA agreements are all on the rise compared to the previous year. The exports to the US and China, major trading partners, increased 36.6% and 32.5%, respectively, accounting for 58.9% (56.3% in 2020) of the total export amounts to FTA signatories.

The share of FTA signatories out of the region's total imports and exports were 78.1% for exports and 82.8% for imports, up 1.3%p and 1.0%p from the previous year (exports 76.8% and imports 81.8%), respectively.

By item, auto parts accounted for 12.9% of total exports to FTA countries in 2021, accounting for the largest share.

It was followed by other fine chemical raw materials (11.8%), tiller machines (6.8%), and high-speed steel and carbide tools (3.9%).

The exports of auto parts increased 30.7% year-on-year, while other fine chemical raw materials and tiller machines increased by 198.3% and 61.6%, respectively, making a great contribution to achieving a 26.1% rise in the trade balance, which was driven by stronger exports than the base effect.

june@newsis.com

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Source: Newsis (April 14, 2022)