GANGWON-DO < invest Korea

According to Yonhap News,

Gangwon-do (Province) recorded USD 178.482 million in exports last month, up 40.1 percent from the previous year’s USD 127.406 million.

Most of the exports came from the sale of alloy irons and automotive components. Gangwon exported USD 37.315 million of alloy irons last month, up a whopping 117.7 percent from a year earlier, while it exported USD 36.65 million of automotive components, up 31.2 percent.

Exports of rubber products grew more than nine times from USD 335,000 to USD 3.444 million in the cited period.

The U.S., Japan and Russia still remained as the strong export countries. Peru and Iran emerged as new strong export countries with exports to the two countries increasing fifty-fold and ten-fold, respectively. Exports to Brazil and Nigeria also remained firm, while those to Japan and India declined 9.4 percent and 6 percent, respectively.

Despite the protracted global economic slowdown, Gangwon posted the trade surplus last year. It set the export target of USD 2.2 billion for this year.

First, the Greater Tumen Initiative (GTI) International Trade & Investment Fair 2013 and the council for the Association of North East Asia Regional Government, which are scheduled to be held in Gangneung-si (City), Gangwon in June, will serve as a gateway for Gangwon-based companies to advance into the global market.

In addition, the province will dispatch trade delegations to new emerging markets including the Central and South America and Middle East.

It will also focus on ensuring the stable management of regional export companies by expanding supports for foreign exchange risk premiums and the management stability fund.

Source: Yonhap News (Feb. 20, 2013)

** This is the translation of a Korean article.