DAEGU < invest Korea

According to a report on exports and imports of Daegu and North Gyeongsang Province in the first half of this year released by the Daegu and North Gyeongsang Province branch of the Korea International Trade Association (KITA), Daegu’s exports in the first half of this year decreased by 1.3 percent year-on-year to reach USD 3.47 billion.

Automobile part exports rose by 13.9 percent.

However, exports of polyester (-12.3 percent) and knitted textiles (-15.5 percent) dropped.

Daegu’s exports to China, the largest importer, continued to grow whereas those to Japan decreased due to a low yen in the first half of this year.

Mexico became the fifth largest importer for Daegu as exports rapidly increased by 104.1 percent.

Daegu’s imports over the same period were decreased by 11.3 percent to reach USD 1.732 billion.

Korea’s trade balanced showed an accumulated surplus of USD 20.023 billion in the first half, Daegu and North Gyeongsang Province also reached trade surplus of USD 19.32 billion.

A KITA official noted that Daegu and North Gyeongsang Province’s exports in the first half led the regional economy despite difficult internal and external circumstances, including a low yen and risks provoked by North Korea.

He added that regional companies should be aware of and prepared against foreign risks, including the United States’ exit strategy and Japan’s Abenomix.

Source: Newsis (July 29, 2013)

** This article was translated from the Korean.