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Gwangju, S. Jeolla Exports Forecast to Reach Record High

According to a report on Gwangju and South Jeolla Province’s exports and imports and forecast for the second half of this year released by the Gwangju and South Jeolla branch of the Korea International Trade Association (KITA), exports from Gwangju and South Jeolla Province this year will reach USD 59.41 billion, a 6.0 percent increase from last year’s USD 56.04 billion, backed by strong exports of automobiles and semiconductors.

Exports in the second half of this year are expected to increase by 9.1 percent to reach USD 30.78 billion and imports are forecast to rise by 1.7 percent to reach USD 26.43 billion.

Exports from Gwangju and South Jeolla this year are forecast to show a 6.0 percent increase year-on-year at USD 59.41 billion, and imports are expected to decrease by 3.1 percent to show USD 51.32 billion.

Gwangju exports are expected to show a 14.5 percent increase reaching USD 16.18 billion supported by continued growth in semiconductor exports due to rise in global memory semiconductor demand and alleviated supply uncertainties in the automobile industry.

From the second half of this year, exports of South Jeolla Province are forecast to increase with more exports of high-added value ships, including drill ships and marine plants.

Export this year is likely to reach USD 43.23 billion, a 3.2 percent increase year-on-year, if supported by strong petrochemical and oil exports to China.

A KITA official noted that Gwangju and South Jeolla’s exports in the first half of this year increased by 2.9 percent despite a low yen, a possibility of the United States’ reduced quantity easing and other negative factors, adding that Gwangju and South Jeolla are expected to show a record high exports if key industries continue to show export growth in the second half of this year.

Source Text

Source:Newsis (July 22, 2013)

** This article was translated from the Korean.