ULSAN < invest Korea

Ulsan's exports showed a strong performance in the first half of this year, increasing more than 6 percent from last year.

According to the "1H 2024 Ulsan Export and Import Trends and Export Prospect for 2H" released by KITA's Ulsan Office on July 22, Ulsan's exports recorded USD 44.8 billion, up 6.4 percent year-on-year.

By item, petrochemical products rose 16.4% to USD 5.3 billion, driving the export growth. It could be attributed to an increase in export volume thans to the recent rise in factory utilization rate and production.

Ships and parts rose 14.2 percent to USD 3.6 billion, thanks to the full-scale delivery of orders received since 2021 and the rise in new ship prices.

Despite the flat trends due to sluggish demand for EVs, exports of automobiles recorded USD 14.4 billion, up 8.1 percent, driven by strength of hybrid vehicles.

Petroleum products also did great, up 18.2 percent to USD 12.7 billion, led by increased demand of lubricant, among others.

Among the 17 cities and provinces nationwide, Ulsan's export ranked second only after Gyeonggi Province (USD 78.4 billion).

Ulsan's imports in the first half of the year increased 4.8 percent from last year to USD 23.5 billion led by an increase in crude oil, copper ore, and other metal minerals, which account for the largest share of imports.

All in all, Ulsan's trade balance recorded a surplus of USD 21.2 billion in the first half of the year.

KITA's Ulsan Office predicts that exports in 2H will also rise 2.4 percent from last year, reaching USD 46.4 billion.

This reflects the observations that exports will continue a growth momentum, due to a gradual decline in inflation and a robust expansion of private consumption.

As a results, this year's total exports are expected to reach USD 91.2 billion, surpassing the USD 90 billion mark again in two years since 2022 (USD 90.1 billion).


hkm@yna.co.kr

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Source: Yonhap News (July 22, 2024)