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Chungcheongbuk-do Records a Trade Surplus for 108 Consecutive Months; Generates 37% of the National Trade Surplus

Chungcheongbuk-do reported a trade surplus of USD 1,344 million last January, remaining in the black for 108 consecutive months.

The Cheongju Customs announced on February 20 that Cheongcheongbuk-do’s trade surplus in January was USD 1,914 million, a 35.7% increase year-over-year, while the province’s import went up by 15.9% to USD 569 million. All in all, the province recorded a trade surplus of USD 1,344 million.

For the first time, the province recorded a trade surplus for 108 consecutive months since January 2009. In particular, Chungcheongbuk-do’s trade surplus accounts for 37% of the country’s total trade surplus of USD 3.6 billion.

The province reported a 0.4% decrease in export from the previous month. By traded item, Chungcheongbuk-do saw an increase in the export of electronics (46.5%), semiconductors (45.7%), chemical products (35.7%), machinery (32.5%), and precision equipment (16.3%).

By country, exports to the European Union (93.8%), Hong Kong (52.5%), Japan (26.5%), China (25.5%), and the United States (20.6%) increased, while exports to Taiwan went down by 8.1%. Exports to these countries took up 81.4% of the province’s total exports.

Imports decreased by 1.9% from the previous year. By item, Chungcheongbuk-do saw a decrease in the import of semiconductors (38.4%), materials (27.0%), and dye and pigments (0.6%).

On the other hand, the import of machinery (-17.9%) and other resins (-28.0%) decreased.

By country, imports from China (33.8%), Taiwan (21.5%), and Japan (11.3%) increased, while imports from the United States (-10.4%), the European Union (-14.0%), and Hong Kong (-22.8%) decreased. Imports from these countries took up 73.4% of the total imports.

Source Text

Source: Newsis (Feb. 20, 2018)

** This article was translated from the Korean.