ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) Despite the falling of its import and export volumes, Ulsan recorded a trade surplus of USD 3.62 billion in April.

The Ulsan branch of the Korea International Trade Association (KITA) announced May 27 that the export of Ulsan fell by 33.9 percent to USD 6.21 billion in April due to the weak exports of petrochemical products, automobiles and ships.

The city’s export reached USD 2.59 billion in April, a 63.8 percent decrease year-on-year. According to KITA, the huge decrease in the export volume is due to the integration of the business registration number of SK Energy’s Ulsan plant to its headquarters in Seoul.

Therefore, the actual import volume of Ulsan is expected to be USD 1 billion more than the current amount.

However, the city is witnessing a trade surplus despite an economic slowdown as the import and export volumes have seen a sharp decline.

Ulsan recorded the second largest export volume in Korea, following Gyeonggi Province (USD 9.43 billion).

hkm@yna.co.kr

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Source Text

Source: Yonhap News (May 27, 2015)

** This article was translated from the Korean.