ULSAN < invest Korea

According to Yonhap News,

On Feb. 1, Ulsan branch of Korea Trade Association (KTA) unveiled its export forecast of USD 106.3 billion, up 4.8% from USD 101.5 billion a year earlier.

Boosted by increasing quality competitiveness of Korean-manufactured vehicles, improvement in brand awareness and the conclusion of the FTA agreement, the automotive sector, its major industry, in particular, is expected to see the exports of USD 17.8 billion, up 10.8%.

Oil will record USD 32.7 billion in exports, up only 5.7% due to the slow economic recovery of advanced economies, and petrochemical products will record USD 15.6 billion in exports, up 5.2% affected by fierce competition with companies in Middle East and America.

On contrast, exports for shipbuilding will amount to USD 11.8 billion, down 13.3%, as orders have decreased since 2009 due to the global financial crisis.

Kim Eun-yeong, chief of Ulsan branch of KTA, said, "The increasing uncertainty in the global economy will lead to the sluggish market for our major export products," adding that "We try to get out of the crisis by aggressively making roads into the emerging economies and utilizing the FTA agreement."

Source Text

Source: Yonhap News (Feb. 1, 2011)

** This is an English translation of a Korean text.