Busan January Exports Up 3.4%... Automobiles Up 64% YoY

[Image source=Yonhap News]

[Asia Economy Reporter Dongwoo Lee] Exports from the Busan region have returned to an upward trend after more than a year. Passenger car exports showed growth for the first time in 33 months.

According to the January 2021 Busan Export-Import Trend Report released by the Busan Regional Headquarters of the Korea International Trade Association on the 17th, Busan's exports in January recorded $995.09 million, an increase of 3.4% compared to the same month last year.

Busan exports, which had been declining since January 2020 after last increasing by 14.4% in December 2019, have shifted to an upward trend.

During the same period, imports decreased by 5.5% to $1.04753 billion, resulting in a trade deficit of $52.44 million.

Busan's automobile exports also increased by 64.0% compared to the same month last year. This marks the first increase in Busan automobile exports in 33 months since April 2018.

Additionally, exports of copper (202.2%), galvanized steel sheets (10.7%), automobile parts (8.8%), and engines (2.0%) also increased.

The Korea International Trade Association interpreted the rebound in Busan's January exports as due to increased automobile industry exports centered on European countries such as Belgium and France, and as a base effect following the sharp decline in exports last year caused by COVID-19 and other factors.

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