Despite COVID-19 Challenges... Gyeongbuk Province Records Highest Export Growth Rate in November This Year

Gyeongbuk Exports Increase for 3 Consecutive Months Compared to Last Year
"Impact of Aggressive Export SOS Special Support Project"

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Gyeongsangbuk-do announced on the 20th that despite the unexpected variable of COVID-19, regional exports began to recover starting in September, and in November, total exports reached 3.6 billion dollars, marking a 16.0% increase compared to the same month last year, recording the highest growth rate this year.

The export scale in the Gyeongbuk region has grown for three consecutive months with 3.9% in September and 2.6% in October, and the growth rate is also showing an expanding trend. This is the result of Gyeongbuk Province's own evaluation that it has made every effort to maintain export momentum, including aggressively operating the 'Gyeongbuk Export SOS Special Project' since the beginning of this year.

This year, Gyeongbuk's exports found new export momentum in non-face-to-face industries and home economy (home + economy) related products such as wireless phones, wireless communication device parts, optical devices, flat panel displays, and semiconductors, creating a rebound opportunity.

As of November, among the top 10 export items in Gyeongbuk Province, items showing export growth include wireless communication device parts (540 million dollars, △122.4%), wireless phones (350 million dollars, △17.1%), optical devices (290 million dollars, △84.6%), flat panel displays (150 million dollars, △26.4%), automobile parts (120 million dollars, △14.7%), and semiconductors (100 million dollars, △63.1%).

On the other hand, hot-rolled steel sheets (140 million dollars, -39.7%), cold-rolled steel sheets (120 million dollars, -20.3%), and galvanized steel sheets (90 million dollars, -25.1%) are showing a declining trend due to the prolonged global construction recession and a decrease in steel export prices compared to the previous year.

Looking at the export status by country as of November, China, the top export country accounting for 41% of Gyeongbuk's total exports of 3.6 billion dollars, recorded the highest growth rate of 41.8% with 1.477 billion dollars. The second largest export country, the United States, showed a 4.1% increase with 430 million dollars. Following Vietnam in third place and Japan in fourth, Russia ranked fifth with exports of 102 million dollars, recording a 506% increase.

Gyeongsangbuk-do invested a total of 10.9 billion won, including an additional budget of 3 billion won, in the Gyeongbuk Export SOS Special Support Project to revive the export vitality of small and medium-sized enterprises struggling due to worsening external environments such as the spread of infectious diseases, an unexpected variable this year.

Through this, 12 cyber consultation meetings for export hotlines were held targeting 649 buyers from Southeast Asia, Japan, China, Russia, and 428 local companies, and 145 companies were listed on 13 global online shopping malls worldwide including Amazon, eBay, Qoo10, and Lazada. In addition, 2,368 companies participated in the export insurance premium support project, supporting a total of 3,152 companies.

Governor Lee Cheol-woo stated, "Even in the severe export crisis caused by COVID-19, if emergency support measures are expanded and companies themselves make their utmost efforts, difficulties can be overcome and it will become an opportunity for strategic innovation in Gyeongbuk exports," and conveyed the policy to further expand the Export SOS special support in the future.

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