GANGWON-DO < invest Korea

Gangwon’s exports in Q1 increased by 20 percent over the same period last year.

According to Gangwon, its exports in March rose to USD 208 million, up 19.5 percent from USD 174 million a year ago. Its exports in Q1 recorded USD 558 million, posting a more than 20 percent increase from a year earlier.

Main items of export included ferroalloy (up by 56.1 percent to USD 55 million), automobile parts (up by 13.2 percent to USD 37 million), medical electronic equipment (up by 2.4 percent to USD 35 million), and cement (up by 11.8 percent to USD 26 million). On the other hand, exports of liquor, one of the top items exported to Japan, were down by 12.2 percent to USD 9 million due to the weak yen.

While exports to the U.S. (39.9 percent), Iran (13,058.1 percent), and China (17.0 percent) rose, exports to Japan and Russia declined by 8.4 percent and 22.8 percent, respectively.

Despite both the European and Japanese economic slowdown and a continued weak yen since the second half of 2012, Gangwon’s exports went up three months in a row compared to the same period last year. The increase in Q1 will now help the province achieve this year’s goal of gaining USD 2.2 billion in exports.

To promote exports, the provincial government plans to send trade delegations to emerging nations and provide small- and mid-sized enterprises with support to strengthen their global competiveness.

Source: Newsis (Apr. 21, 2013)

** This article was translated from the Korean.