ULSAN < invest Korea

According to Yonhap News,

In December last year, Ulsan exports increased compared to the same month of the prior year driven b y strong exports of oil, chemical products, and automobiles.

According to Ulsan Import and Export Trends in December last year announced by Ulsan Customs on January 18, exports amounted to USD 7.63 billion, up 40.3% from the same month a year ago.

Imports rose by 68.1% to USD 6.09 billion.

The trade balance recorded a surplus of USD 1.54 billion, continuing the surplus trends for the 88 consecutive months since October 2014.

Export results by item are as follows: oil exports recorded USD 1.96 billion, an increase of 93.3% year-on-year due to the rise in international oil prices and export unit prices; Chemical products recorded USD 1.68 billion, up 24.1%, thanks to the continuous increase in export unit price and an increase in exports; and automobiles recorded USD 1.89 billion, a 25.4% increase led by steady increase in demand for sports utility vehicles (SUVs) and eco-friendly vehicles.

When it comes to imports, crude oil, which accounts for more than half of the total imports, recorded USD 3.21 billion, up 86.1%, due to the continuous rise in international oil prices.

Fuel oil also recorded USD 610 million, up 133.7%, which is attributable to a rise in international oil prices.

Meanwhile, Ulsan's cumulative exports last year amounted to USD 76.43 billion, up 33.9% from that of the previous year, and the second highest amount since 2014 when USD 93.3 billion was recorded.

It is an 8.3% increase from the cumulative export amount in 2019 of USD 70.55 billion, the year before the outbreak of COVID-19.

yongtae@yna.co.kr

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Source: Yonhap News (January 18, 2022)