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Ulsan Economy on Recovery Thanks to Increased Exports in Key Industries

According to Yonhap News,

(ULSAN=Yonhap News) Ulsan Development Institute announced on May 26 that the local economy has been on recovery on the back of export increase in three major industries (Auto, Shipbuilding and Petro chemistry industries).

The institute published an online magazine containing the mentioned above for May issue.

According to the online magazine, Ulsan’s coincident composite index increased to 111.5 point, 0.5 percent up from the previous month and general coincident composite index went up to 99.6 point, 0.5 percent up from March. The index has gone up for four months in a row.

This can be explained by the fact that the developed countries like the U.S., EU and Japan now have seen economic recovery, thereby exports of automobiles and ships going up.

April’s exports in Ulsan increased in all sectors including petro chemistry, automobiles and ocean plants to USD 9.38 billion.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (May. 26, 2014)

** This article was translated from the Korean.