GWANGJU < invest Korea

Gwangju was the only city which exports showed a double-digit growth among Korean metropolitan cities this year.

According to Gwangju, the city’s exports increased by 13.1 percent from last year (USD 6.3 billion) to reach USD 9.176 billion as of the end of July.

A city official noted that Gwangju was able to show the double-digit growth with an increase in semiconductor exports.

Gwangju expected it will easily reach its export target of USD 16 billion this year.

Gwangju’s exports stood at USD 170 million in 1986, and exceeded USD 1 billion in 1988 when Songjeong city and Gwangsan County were incorporated into Gwangju. The city saw continuous export growth of USD 2 billion in 1988 and USD 10 billion in 2007.

During the global financial crisis, Gwangju’s exports dropped to USD 8.9 billion in 2009. However it bounded again to reach USD 11.6 billion in 2010, USD 13.3 billion in 2011 and USD 14.1 billion in 2012.

A city official noted that Gwangju’s exports grew by 58 percent from USD 8.9 billion in 2009 to USD 14.1 billion in 2012, whereas Busan’s exports grew by 43 percent from USD 9.5 billion in 2009 and USD 13.6 billion in 2012 after the global financial crisis.

He added that customized export support policies with products manufactured in Gwangju to become an exporting city contributed to the growth.

Source Text

Source: Yonhap News (Aug 25, 2013)

** This article was translated from the Korean.