BUSAN < invest Korea

Busan recorded a trade surplus of USD 97 million last month.

According to the Busan Main Customs, exports recorded USD 1.219 billion in March, up one percent from the same period of last year, and imports were down 14 percent to USD 1.122 billion compared to a year ago.

However, the increase in exports was lower than expected.

Although the export of ships (91.6 percent), electronic products (12.9 percent), and machinery (7.4 percent) rose, the export of automobile parts (-9 percent) and steel products (-4.9 percent) dropped, resulting in a small increase in exports.

Exports to Latin America (34.6 percent), the USA (12.1 percent), and Southeast Asia (6.2 percent) grew, but exports to the E.U. (-21.2 percent), Japan (-17.3 percent), and the Middle East (-16.9 percent) fell.

Due to weak domestic demand caused by the stagnant economy, the import of consumer products, capital goods, and raw materials also shrank.

Source: Yonhap News (Apr. 15, 2013)

** This article was translated from the Korean.