GWANGJU < invest Korea

According to Yonhap News,

Gwangju City and Jeonnam-do (South Jeolla Province) posted trade surplus for six months in a row.

According to ‘export, import and trade balance in February 2011’ of Gwangju Main Customs on March 16th, export of Gwangju and Jeonnam rose by 0.9% from the previous month to USD 3,931 million while the import fell by 4.3% to 3,599 million, recording the trade surplus of USD 332 million.

The trade surplus of six consecutive months is attributable to the increased export of ships (41.5%) and oil products (15.7%).

Gwangju’s export decreased by 12.1% compared to the previous month to USD 771 million, and the import declined by 13.9% to USD 373 million, posting the trade surplus of USD 398 million.

By country, export to China rose by 11.4% while export to the Middle East (-31.3%), the U.S. (-30%), and Japan (-16.7%) fell. Import decreased from most countries including the U.S. (-26.8%), Japan (-18.9%), and Taiwan (-9.7%).

The export of Jeonnam jumped by 4.7% to USD 3.16 billion and the import of the region dropped 3%, to USD 3,226 million resulting in the trade deficit of USD 66 million.

By item, the export of ships (41.5%) and oil products (15.4%) increased but steel products (-15.6%) and articles processed with heat (-5.6%) saw a decrease in export.

Export to the Middle East (-46.2%), Japan (-10.3%), and Southeast Asia (-7.3%) fell, while export to the U.S. (39.7%) and China (5.5%) was up. Import rose from the Middle East (7.3%) but was down from Australia (-35.9%), the U.S. (-15.8%) and Japan (-6.3%).

Source Text

Source: Yonhap News (March 16, 2011)

**This is an English translation of a Korean news article.