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2018.05.10
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Chungnam Records USD 20B in Q1 Exports


According to Yonhap News,

(HONGSEOUNG=Yonhap News) For the first time, the Chungnam region recorded over USD 20 billion in Q1 export earnings.

That gave the region the greatest trade surplus in the entire country for the same period.

According to Chungnam-do's announcement on May 7, the province's export earnings amounted to USD 7.293 billion in January, USD 6.985 billion in February and USD 8.186 billion in March for a total of USD 22.464 billion in three months.

This is a 23.9% YoY increase compared to last year's earnings of USD 18.124 billion and the highest Q1 earnings on the record for the province. It was also more than annual export earnings in 2003 (USD 19.86 billion).

The national export earnings for Q1 was USD 145.44 billion, up 10.1% YoY.

Chungnam-do's Q1 import total stood at USD 9.15 billion, up 20% from last year's USD 7.63 billion.

As a result, Chungnam-do's trade surplus of USD 13.31 billion is the highest in the country. Moreover, the province's surplus is higher than Korea's total trade surplus of USD 13.244 billion.

By sector, semiconductor exports generated the most earnings at USD 10.691 billion, flat panel displays and sensors exports amounted to USD 2.412 billion, exports of petroleum products amounted to USD 1.892 billion, computer exports amounted to USD 1.77 billion and exports of petrochemical intermediate raw materials generated USD 861 million.

Earnings by export country broke down to USD 6.77 for China, USD 4.478 billion for Hong Kong, USD 4.36 billion for Vietnam, USD 1.378 billion for the U.S. and USD 915 million for Taiwan.

A Chungnam-do official remarked, "Vietnam surpassed the U.S. and became Korea's 3rd largest export country following the Korea-U.S. FTA revisions. India, Brazil and Australia also entered the top 10 ranks due to increased exports of semiconductors, petroleum products and fine chemicals."

jyoung@yna.co.kr


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Source Text


** This article was translated from Korean.

Source: Yonhap News (May. 07, 2018)

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