ULSAN < invest Korea

According to Yonhap News,

Ulsan's exports in January increased one-year, driven by an increased exports of oil and chemical products, the city's main items.

Ulsan Customs announced the Ulsan Import and Export Trends on February 17 that exports in January amounted to USD 6.95 billion, up 33.3% from the same month of the previous year.

Imports rose 66.2% to USD 6.2 billion.

The trade balance reached a surplus of USD 750 million, recording the 88th consecutive month of surplus since October 2014.

By item, oil price recorded USD 1.9 billion, a 144.3% increase from the same month of the previous year thanks to the rise in international oil prices and export unit prices.

Chemical products also recorded USD 1.64 billion, up 26%, led by continued increases in export unit prices and volume.

Automobile sales increased 7.6% to USD 1.79 billion driven by increased demand for sports utility vehicles (SUVs) and eco-friendly vehicles.

When it comes to imports, crude oil price increased by 104.3% from the same month of the previous year to $3.67 billion due to the rise in international oil prices.

Fuel oil also rose 34.2% to USD 500 million due to the rise in international oil prices.

yongtae@yna.co.kr

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Source: Yonhap News (February 17, 2022)