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South Gyeongsang Province's exports increase most among local administrations

According to Yonhap News,

(SEOUL=Yonhap News) South Gyeongsang Province in the country's southeast has shown the largest increase in exports so far this year among local autonomous governments as its shipbuilding industry looks to be recovering, according to trade data Friday.

According to the January-September tally from the Korea International Trade Association, South Gyeongsang Province recorded US$47.5 billion in exports, an increase of 41.4 percent from the same period last year. The province's top export items, parts and equipment for shipbuilding, gained 99.8 percent to reach $26.2 billion.

The province also exported $1.3 billion worth of aircraft and parts, up 60.9 percent from last year, placing it fourth in terms of total exports among local governments.

Gyeonggi Province, which surrounds Seoul, topped the list with $91.63 billion. But its imports were bigger at $94.82 billion, putting the province in the deficit.

In terms of trade balance, South Chungcheong Province, in the central part of the country, was the most robust with a surplus of $35.5 billion. South Gyeongsang Province came next with $34.4 billion, followed by Ulsan, 414 kilometers southeast of Seoul, at $29.5 billion.

Seoul, which lacks manufacturing infrastructure, recorded a $65.7 billion trade deficit during the measured months.

North Jeolla Province, located in the country's southwest, was the only local administration whose exports backtracked. It exported $4.7 billion worth this year, down 2.2 percent from last year.

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Source: Yonhap News (Nov. 3, 2017)
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