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Daegu Shows Trade Surplus

According to the Daegu Main Customs last Friday, exports of Daegu and North Gyeongsang Province increased by 16 percent year-on-year at USD 5.655 billion. Imports decreased by 14 percent over the same period last year at USD 1.818 billion to reach the trade surplus of USD 3.837 billion.

Exports of electronics, machinery and precision equipment rose by 35 percent and 15 percent year-on-year respectively, however that of steel and metal products dropped by 13 percent and light industrial goods by 2 percent.

China (25 percent) was the largest importer for Korea, followed by Southeast Asia (20 percent), the United States (14 percent), Central and South America (9 percent), Europe (8 percent) and Japan (8 percent).

Compared to the same month last year, imports of electronics (57 percent) and semiconductors (57 percent) increased whereas that of iron (-24 percent) and fire-process goods (-4 percent) decreased.

Exporters to Korea included Japan (22 percent), China (21 percent), Australia (16 percent) and Southeast Asia (11 percent).

Daegu Main Customs noted that exports of electronics, which largely contribute to the regional economy, increased with the larger global smartphone market, and machinery and transportation equipment exports continued to rise, adding that the exports from the region is growing for three consecutive months, including more exports to Japan and the United States, despite low yen and other unfavorable external conditions.

Source Text

Source: Yonhap News (June 14, 2013)

** This article was translated from the Korean.