Gyeongbuk Province Sees Double-Digit Increase in 'Export Growth Rate' Year-on-Year... Clear Recovery Trend Since Q3 Last Year

2020 Annual Export Amount 37.1 Billion KRW, Down 1.6% YoY
YoY Growth: September 3.6% → October 2.5% → November 16% → December 16.6% Increase

A view of the apron at Gyeongbuk Yeongilman Port.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Gyeongsangbuk-do announced on the 19th that exports in December last year recorded $3.8 billion (approximately 4.2 trillion KRW), a 16.6% increase compared to the same period last year, showing double-digit growth for the second consecutive month following November.

The total annual exports for 2020 amounted to $37.1 billion, a 1.6% decrease from $37.7 billion the previous year, but a clear recovery trend has been maintained since the third quarter.

Exports grew for four consecutive months, with $3.3 billion in September, a 3.6% increase compared to the same month last year; $3.6 billion in October, up 2.5%; $3.6 billion in November, up 16.0%; and $3.8 billion in December, up 16.6%.

Despite the adverse conditions caused by COVID-19, the rise in exports is attributed by Gyeongbuk Province to the boom in the information and communication sector driven by the expansion of the non-face-to-face economy.

In December last year, among Gyeongbuk’s top 10 key export items, six items showed growth, leading the increase in export performance: wireless communication device components ($560 million, 219.6%), optical devices ($250 million, 89.6%), semiconductors ($130 million, 183.2%), and flat panel displays ($130 million, 22.7%).

Looking at the regional export figures for December, China, the top export destination accounting for the largest share of Gyeongbuk’s total exports of $3.8 billion, recorded $1.48 billion (54.7%). The second largest export country, the United States, recorded $510 million (-2.0%), Vietnam ranked third with $230 million (+2.0%), Japan was fourth with $190 million (-9.4%), and India ranked fifth with $140 million (+33.6%).

Gyeongsangbuk-do will continue its all-out efforts this year to support export companies hit hard by COVID-19, following last year. A total of 7.4 billion KRW will be invested in non-face-to-face export marketing and customized export infrastructure support to assist 3,000 companies.

To this end, plans include dispatching online trade delegations, participating in hybrid online and offline international exhibitions, operating permanent cyber export consultation meetings, entering global online shopping malls and online exhibition halls, supporting export insurance premiums and overseas certification costs, holding overseas promotions for excellent products, and providing global consulting.

Lee Cheol-woo, Governor of Gyeongbuk Province, pledged, "In 2021, we will further expand and strengthen the Gyeongbuk Export SOS special support and provide systematic and prompt assistance to ensure practical help for export companies."

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