BUSAN < invest Korea

According to trends of export and import in May released by the Busan Main Customs Monday, Busan’s exports stood at USD 1.186 billion, a 2 percent decrease year-on-year and imports decreased by 10 percent at USD 1.119 billion to reach the trade surplus of USD 6.7 million.

Exports of steel products, automobiles and automotive parts, among heavy chemicals and heavy industrial products which accounts for 80 percent of exports, decreased by double digit, reducing the overall exports.

Exports to the Central and South America (35.7 percent), the United States (22.2 percent), and Southeast Asia (8.4 percent) increased whereas exports to Middle East (27.5 percent) and Japan (14.9%) dropped.

Reduced imports of consumables, raw materials and capital goods due to slowed domestic demand and exports, overall imports also decreased to two digits.

Imports from EU (16.6 percent) increased, however those from Japan (26.0 percent), China (15.2 percent) and the United States (12.8 percent) decreased.

Source: Newsis (June 17, 2013)

** This article was translated from the Korean.