ULSAN < invest Korea

According to Yonhap News,

As Korea-EU free trade agreement goes into effect, Ulsan's exports to the EU are expected to increase sharply.

According to Ulsan city, Ulsan's trade surplus with the EU has declined from USD 8.38 billion in 2008, USD 7.05 billion in 2009 to USD 4.66 billion in 2010. However, the city expects the surplus to rise as the Korea-EU FTA takes effect.

Exports of automobiles, auto parts, petrochemical products and synthetic resins are expected to shot up with the reduction and elimination of tariff.

Main export items may vary by country: bearing, synthetic resins and LED lighting for Germany, textile and clothing for France, auto parts, optical devices, aluminium and plastic products for Slovakia.

Exports of green products such as lithium-ion battery, wind power generator parts and LED TV monitors will increase as well.

An official from Ulsan office of Korea International Trade Association said "Even though the EU is a single economic bloc, it is a union of 27 different countries. So Korea needs to take different approaches to different markets to maximize the benefits from the FTA."

Source Text

Source: Yonhap News (July 1, 2011)

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