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Chungbuk Runs a Trade Surplus for 117 Consecutive Months

Chungcheongbuk-do has achieved trade surplus for 117 consecutive months amid unfavorable conditions due to the trade war between the U.S. and China and the rise of oil price.

According to Cheongju Customs on November 16, the amount of export in Chungbuk-do in October reached USD 2.218 billion and that of import reached USD 586 million, resulting in a trade surplus of USD 1.632 billion in total. The amount of export and import each increased year-on-year by 32.3 percent and 14 percent respectively.

During that period, the province's surplus accounted for 25.2 percent of the total national surplus of USD 6.5 billion. It is mainly thanks to the strong performance of semiconductor and secondary cell industries, but base effect also took a great part since the national trade surplus has decreased from USD 9.5 billion by USD 3 billion.

Last month's surplus added another month to the consecutive surplus since January 2009.

The exports of general machinery (113.0%), electronic & electric products (61.5%), pyrotechnic chemical (47.0%), precision instrument (35.2%) and semiconductor (12.8%) showed rising tendency.

The amounts of exports to key trade partners including EU (142.6%), Taiwan (37.7%), the U.S. (27.4%), China (21.1%), Hong Kong (18.0%) and Japan (14.6%) all increased. The exports to these countries from Chungbuk accounted for 81.3 percent of the total export volume.

Source Text

Source: Newsis (November 16, 2018)

** This article was translated from Korean.