'Minus 20% Nightmare' Gyeongbuk Province Sees Export Growth for 2 Consecutive Months... "Hit Bottom"

September Exports $3.3 Billion (+3.9%), October $3.6 Billion (+2.6%) ... $29.7 Billion Achieved Through October

The photo shows a container ship loading cargo at Gammam Pier, Busan Port, on November 16. [Image source=Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] Gyeongsangbuk-do announced on the 19th that despite the COVID-19 crisis, export amounts in September and October reached $3.3 billion and $3.6 billion respectively, marking increases of 3.9% and 2.6% compared to the same months last year, continuing a growth trend for two consecutive months.

This comes after Gyeongbuk experienced the worst declines in exports in May and August this year due to the COVID-19 shock, with $2.4 billion and $2.8 billion exports showing decreases of -19.9% and -17.0% respectively, leading to hopeful expectations that the downward trend has finally ended and turned to growth.

On the other hand, national exports showed a 7.6% increase to $48 billion in September but recorded a 3.8% decrease to $44.9 billion in October.

As of October, among Gyeongbuk’s top 10 export items, those showing export growth include wireless communication device parts ($410 million), optical devices ($240 million), semiconductors ($140 million), and flat panel displays ($137 million). These represent increases of 3.3%, 21.7%, 233.7%, and 1.3% respectively compared to the same month last year.

This is analyzed to be due to the strong exports to China, which accounts for approximately 70-99% of the total export volume for each item.

Conversely, wireless phones ($330 million), hot-rolled steel sheets ($190 million), cold-rolled steel sheets ($140 million), and automobile parts ($120 million) showed declines of -20.2%, -3.7%, -15.8%, and -9.3% respectively compared to October last year, influenced by demand contraction due to the overseas resurgence of COVID-19 and sluggish export prices.

Looking at the export status by country as of October, China, the top export destination accounting for 28% of Gyeongbuk’s total exports of $3.6 billion, recorded $1.285 billion in exports, marking a 6.2% increase. The United States ranks second, followed by Japan third, Vietnam fourth, and Russia fifth. Notably, Russia showed a remarkable increase of 524.9% with exports amounting to $142 million.

Kim Ho-jin, Director of the Job Economy Office of Gyeongsangbuk-do, welcomed the results, stating, "These outcomes appear to be the result of our comprehensive efforts to overcome the overseas export crisis, including the continuous operation of non-face-to-face export consultation meetings, expansion of entry into global online shopping malls, urgent support for overseas branch offices, and operation of special export task forces under the Gyeongbuk Export SOS project."

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