ULSAN < invest Korea

Professor Jung-seung of the Ulsan Development Institute forecasted that Ulsan’s exports to the United States will exceed USD 10 billion for the first time this year with increased exports of automobiles and petrochemical products, in his economic and social brief.

He explained that Ulsan showed more than 20 percent growth as its exports to the United States exceeded USD 8 billion for the first time in 2011 since the Korea-US free trade agreement took effect. Its exports to the United States recorded USD 9.845 billion in 2012.

Jung said that Ulsan is showing an increasing export trend monthly except for March and April when Hyundai Motors’ production slowed, adding that the exports will easily exceed USD 10 billion if the trend continues.

Ulsan’s accumulated automobile exports in August (excluding parts) were reduced slightly year-on-year to reach USD 3.338 billion, however it is expected to recover to the level of last year as production schedule is normalized.

Despite reduced production of oil products due to regular maintenance of petrochemical companies last summer, Ulsan’s accumulated exports showed growth of 58.8 percent year-on-year to reach USD 1.819 billion in August.

Source Text

Source: Yonhap News (Oct. 15, 2013)

** This article was translated from the Korean.