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Gwangju and S. Jeolla Trade Balance Increase 64.9% in April Year-on-Year

According to Yonhap News,

(GWANGJU=Yonhap News) April’s trade balance in Gwangju and South Jeolla Province increased 64.9 percent from the same period in the previous year.

Gwangju Main Customs announced on May 21 that exports of the region increased to USD 5.007 billion, 7.1 percent up from the same period last year and imports of the province decreased to USD 4.065 billion, 0.9 percent down year-on-year. The Customs also said that surplus in balance of trade posted USD 941 million, 64.9 percent up year-on-year.

The result is largely attributed to the increase in sales of automobiles (24.5 percent) and electronics (11.5 percent), both of which are main import products, on the back of economic recovery in the U.S. and European Union (EU).

This also can be explained by the fact that exports to EU, the U.S., South America, Japan and Southeast Asia largely increased while imports from Australia and China went down.

Regarding export, shipbuilding (14.1 percent), petroleum product (11.9 percent), fire-processed article (5.3 percent) and steel manufacturers (1.3 percent) sectors increased.

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Source Text

Source: Yonhap News (May. 21, 2014)

** This article was translated from the Korean.