ULSAN < invest Korea

According to Yonhap News,

Ulsan City said on January 25th that its export rose by 17.4% to USD 71.4 billion last year on a year-on-year basis.

According to the City, the export of automobiles, a major export item of the City, showed an increase of 28.7% on the back of the recovering demand of emerging countries and the U.S., and the export of oil products increased by 33.2% thanks to the rise in export price and volume.

However, the ship export fell by 16.3% compared to the year before because of the delayed delivery.

The largest export market of Ulsan was China (17.8%) last year, followed by the U.S. (10%), Japan (6.1%), Indonesia (4.7%), Hong Kong (4.5%), and Singapore (4.1%).

Ulsan has set the goal to achieve export of USD 80 billion this year, and plans to support overseas marketing activities, build export infrastructure, lay the foundation for electronics trade, provide support for export companies, and push ahead with projects to deal with changes stemming from free trade agreements.

An official of Ulsan said “the Ministry of Knowledge Economy forecasts that the export of Ulsan will post USD 78.7 billion this year, but we aim to post USD 80 billion of export,” and added “we expect difficulties from rising value of the won and oil prices, but the municipal government and regional companies will be committed to playing a leading role in opening the era of USD 1 trillion export.”

Source Text

Source: Yonhap News (Jan. 25, 2011)

**This is an English translation of a Korean news article.