GWANGJU < invest Korea

Gwangju and South Jeolla Province’s trade balance reached a surplus of USD 400 million in June.

According to the Gwangju Main Customs yesterday, exports from Gwangju and South Jeolla Province in June decreased by 5 percent year-on-year to reach USD 4.5 billion and imports dropped by 9 percent at USD 4.1 billion, resulting in a trade surplus of USD 400 million.

As the end of June, accumulated exports and imports reached USD 28.6 billion and 24.9 billion respectively, reaching a trade surplus of USD 3.7 billion.

Gwangju’s exports stood at USD 1.27 billion, an 8 percent increase over the same period last year, and imports rose by 1 percent at USD 410 million. Gwangju showed a trade surplus of USD 860 million.

The trade surplus was backed by increased exports of semiconductors (83 percent) and transportation equipment (6 percent).

Exports of steel products (48 percent ↓), leather and rubber products and shoes (26 percent ↓), household appliances (22 percent ↓) and machinery and precision devices (16 percent ↓) were dropped.

Exports to Southeast Asia (82 percent ↑), China (71 percent ↑), European Union (48 percent ↑) grew, whereas that to Japan (32 percent ↓), Middle East (32 percent ↓), the United States (18 percent ↓) and Central and South America (3 percent ↓) were reduced.

South Jeolla Province's exports in June fell by 9 percent year-on-year at USD 3.24 billion. Imports showed a 10 percent decrease to reach USD 3.7 billion, resulting in trade deficit of USD 460 million.

Exports of machinery and precision devices (27 percent ↑), electrical and electronic products (25 percent ↑), fire-processed products (12 percent ↑) and oil products (6 percent ↑) increased, whereas those of transportation equipment (78 percent ↓) and steel products (11 percent ↓) decreased.

Exports to China (42 percent ↑) grew, whereas exports to most regions, including the Central and South America (61 percent ↓), Japan (20 percent ↓), EU (19 percent ↓), Middle East (9 percent ↓), Southeast Asia (6 percent ↓) and the United States (2 percent ↓), dropped.

Source Text

Source: Yonhap News (July 17, 2013)

** This article was translated from the Korean.