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Trade volume between Daegu and FTA partners increased by 12% yoy

According to Yonhap News,

(DAEGU=Yonhap News) Despite US-China trade dispute last year, it was revealed that trade volume between Daegu and its FTA partners recorded a two-digit growth last year.

According to Daege Chamber of Commerce & Industry, exports and imports between Daegu and FTA partners reached USD 9.76 billion last year, increasing by 12.7% from 2017.

Exports rose by 15.3% to USD 6.114 billion, and imports went up by 8.6% to USD 3.638 billion.

The balance of trade with FAT partners recorded USD 2.465 billion surplus, accounting for 71.5% of total trade surplus of the region (USD 3.45 billioin).

It achieved trade surplus with the US (USD 1.142 billioni), ASEAN (USD 694 million), EU (USD 646 million), while recording deficit with China (USD 311 million), Chile (USD 55 million), and EFTA (USD 15 million).

The share that FTA partners take from the total regional trade was 76.5% (exports 75.5%, imports 78.4%).

Main items for exports appeared to be auto parts (USD 817 million), pump, other machinery, polyester textile, among others.

Regardless of US-China trade disputes and trade protectionism, trade volume with these countries also increased.

An official with Daegu Chamber of Commerce & Industry said, "Contrary to concerns over a blow dealt by trade protectionism stemming from the US-China trade dispute, the result showed that trade volume went up across the board. In this context, it seems there must be an effort to actively take advantage of FTA network."

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Source Text

** This article was translated from Korean.

Source: Yonhap News (March 29, 2019)