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N.Chungcheong Reaches Exports of USD 1.216 Billion

Exports of North Chungcheong Province in May reached USD 1.216 billion, a 16.8 percent increase year-on-year.

Imports decreased by 18.1 percent from last year at USD 550 million to reach the trade surplus of USD 666 million.

According to trends of exports and imports in North Chungcheong Province in May released by the Cheongju Main Customs, exports stood at USD 1.216 billion, a 16.8 percent increase from May last year.

It was the first time for Cheongju to exceed exports of USD 1.2 billion, although it was close at USD 1.193 billion in April.

Exports over USD 1.2 billion were backed by its semiconductor industry, which accounts for 35.3 percent of North Chungcheong exports, showing a rise in exports by 42.3 percent at USD 429 million.

Exports of other electronics (13.9 percent of total exports) and fire-processed products (12.9 percent of total exports) increased by 5.9 percent and 20.3 percent respectively.

However precision equipment (8.1 percent of total exports) and general machinery (3.8 percent of total exports) exports decreased by 14.5 percent and 16.6 percent respectively year-on-year.

Imports recorded USD 550 million, a decrease by 18.1 percent and 8.6 percent from May and April of last year respectively.

Consumable imports rose by 2.2 percent, whereas imports of raw materials and capital goods continued to drop.

Imports of other electronics (16.1 percent) and semiconductors (2.4 percent) grew, however that of organic compounds (-6.8 percent), other machinery (-14.7 percent) and bronze (-40.3 percent) were reduced.

As exports increased and imports decreased, the trade balance reached surplus of USD 666 million for a consecutive 52 months.

Source Text

Source: Newsis (June 18, 2013)

** This article was translated from the Korean.