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Ulsan's exports recorded a 6-year high...exceeding USD 76.9 bln

According to Yonhap News,

Ulsan-si announced on January 4 that the annual export value of the region in 2021 exceeded USD 76 billion.

The city explained that Ulsan's exports last year reached USD 76.2 billion (based on customs clearance, provisional), the highest in six years since USD 72.9 billion in 2015.

Even considering a difference from the final value announced in the middle of every month, the city expects that it would achieve at least USD 73 billion for sure.

Ulsan recorded USD 260,000 in first exports since the designation as a special industrial zone in 1962.

It has grown into a leading export city in Korea, achieving USD 100 billion exports in 2011 for the first time as a local government.

However, after peaking in 2011, exports continued to decline due to negative factors such as the recession in the shipbuilding industry, falling international oil prices. In 2020, it bottomed out at USD 56.1 billion, the equivalent of 2006 (USD 54.9 billion) hit by the spread of the COVID-19 and US-China trade disputes.

Last year, external conditions were unfavorable due to the COVID-19 crisis, unstable international supply chain, and trade competition between countries. However, the production and exports of the shipbuilding and petrochemical sectors revitalized last yaer, driven by an increase in global demand for ships and rising petrochemical product prices.

The city's experts analyzed that the increase in international demand for ships, the increase in demand for eco-friendly vehicles and shipbuilding due to the tightening environmental regulations, the order recovery in the shipbuilding industry, and the continuous rise in the unit price of petrochemical products seemed to have influenced.

Source Text

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Source: Yonhap News (January 4, 2022)

** This article was translated from Korean.