GANGWON-DO < invest Korea

Gangwon Province announced Monday that its exports reached USD 186 million in July.

Exports increased by 5.6 percent from last year’s USD 176 million.

Pharmaceutical exports showed the highest growth rate of 147 percent to reach USD 24 million, followed by exports of medical electronic equipment (33.3 percent) and automobile parts (31.2 percent) which reached USD 27 million and 39 million, respectively.

However, exports of cement and ferro alloy were reduced by 13.2 percent and 14.6 percent respectively. Liquor exports stood at USD 11 million, showing a 10.1 percent decrease.

Exports to Brazil (117 percent), the United States (51.4 percent) and China (15.6 percent) grew, however those to Japan and India were dropped by 14.5 percent and 10.2 percent respectively.

Imports showed a decrease of 0.6 percent year-on-year to reach USD 124 million, resulting in a trade surplus of USD 62 million.

Gangwon Province analyzed that exports to Japan is facing difficulties due to Japan’s policies with a low yen for economic recovery.

However, province’s consistent export diversification strategies were effective to create new emerging markets in Brazil, China and Russia, and exports also turned positive as exports to the United States grew again.

A Gangwon official noted that risks, including global oil prices and exchange rate volatility, still exist, but the province will focus on achieving its export target of USD 2.2 billion.

Source: Yonhap News (Aug. 19, 2013)

** This article was translated from the Korean.