Gyeongnam Last Year's Exports, $39.376 Billion 'Lowest Since 2007'

Imports of $21.362 billion... Up 4.9% YoY
Trade balance records a surplus of $18.014 billion

[Asia Economy Yeongnam Reporting Headquarters Reporter Son Tae-seok] In 2019, exports from the Gyeongnam region amounted to $39.376 billion, down 2.2% from the previous year, while imports reached $21.362 billion, up 4.9% from the previous year. The trade balance recorded a surplus of $18.014 billion.

According to data from the Korea International Trade Association Gyeongnam Regional Headquarters, last year’s exports from Gyeongnam marked the lowest since achieving $36.5 billion in 2007. Despite a rebound in ship exports, declines in construction heavy equipment and metal cutting machine tools contributed to the decrease.

Analyzing export performance by item, ships (7.2%), chemical machinery (392.6%), aircraft parts (10.2%), passenger cars (9.0%), and refrigerators (42.8%) showed growth, whereas automobile parts (-0.5%), construction heavy equipment (-23.4%), pumps (-1.1%), metal cutting machine tools (-21.0%), and tires (-1.1%) declined.

By region, exports to Europe (-38.1%) and the Middle East (-15.6%) decreased, while exports to Asia (13.8%), North America (1.5%), Central and South America (21.0%), Oceania (43.2%), and Africa (12.9%) increased.

Looking into the 2.2% decrease in total exports from Gyeongnam, the decline in ship exports to the UK (-40.9%), Norway (-92.6%), and Denmark (-94.1%) was notable. Among the top 10 export countries, except for China (-0.2%), the United States (1.2%), Bahamas (79.9%), and Japan (1.5%) showed growth.

In 2019, imports to the Gyeongnam region recorded $21.362 billion, continuing the upward trend from the previous year.

By item, the largest import items, natural gas (-9.1%) and thermal coal (-25.4%), decreased, while iron structures (312.6%) used for shipbuilding equipment led the overall import growth.

The Korea International Trade Association Gyeongnam Regional Headquarters analyzed, “Although the export environment in Gyeongnam is not favorable this year following last year, the expected recovery in the shipbuilding industry, a key sector, will act as a positive factor for exports.”

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