Busan Sees Significant Increase in Corporate Exports Last Month

14.8% Increase Compared to Same Month Last Year... Impact of Strong Chinese Export Performance

[Asia Economy Yeongnam Reporting Headquarters Reporter Yoon Yoseop] Thanks to strong exports to China, exports from companies in the Busan area increased significantly last month.

According to Busan Regional Customs Office on the 16th, last month's exports amounted to $1.24 billion, up 14.8% compared to the same month last year; imports were $1.16 billion, down 0.1%; and the trade balance recorded a surplus of $81 million.

This export increase is analyzed to be due to the rise in exports to China despite the sluggish domestic and international economy.

By item, exports of steel products, machinery, and precision instruments, which are the largest export items in the Busan area, increased significantly centered on China, and especially exports of ships and equipment to Singapore and China surged sharply.

In terms of growth rate, exports of steel products to China increased by 51.9%, and exports to Taiwan surged by as much as 257.2%. Exports of machinery and precision instruments to China increased by 50.9%, and exports to Japan rose by 11.6%.

By country, exports to Southeast Asia (28.9%) and China (76.1%) showed double-digit growth rates, while exports to the US, EU, and Japan decreased.

In particular, exports to China have shown an increasing trend for 12 consecutive months since January last year.

Regarding imports, capital goods imports such as machinery and precision instruments increased for two consecutive months, while raw material imports, centered on steel materials, decreased.

This content was produced with the assistance of AI translation services.