Chungnam Achieves Record High Export Value This Year Driven by Semiconductor Industry

[Asia Economy (Hongseong) Reporter Jeong Il-woong] The cumulative export value in Chungnam region for May has recorded an all-time high. The semiconductor industry is cited as the key export driver.

On the 29th, Chungnam Province analyzed statistical data from the Korea International Trade Association and found that the cumulative export value for the region from January to May totaled $37.9 billion. This represents a 24.4% increase compared to the same period last year, marking the highest cumulative value for May ever recorded.

In particular, Chungnam's export value for May alone was $8.2 billion, 42.4% higher than May of last year. Chungnam has shown double-digit export growth for seven consecutive months up to last month.

The cumulative export value and growth rate by item for the Chungnam region last month were ▲Semiconductors $17.279 billion (16.9%) ▲Flat panel displays and sensors $3.714 billion (25.9%) ▲Computers $3.321 billion (9.3%) ▲Petroleum products $2.852 billion (62.8%) ▲Synthetic resins $1.02 billion (50.8%) ▲Petrochemical intermediate materials $797 million (16.9%) ▲Automobile parts $765 million (124.4%) ▲Semiconductor manufacturing equipment $640 million (92.1%), among others.

Based on this, the province analyzes that the strong export trend in semiconductor-related industries has driven the overall increase in regional export value.

Exports by country increased as follows: ▲China $10.598 billion (25.4%) ▲Vietnam $6.329 billion (12.6%) ▲United States $3.945 billion (25.8%) ▲Japan $1.144 billion (28.5%) ▲India $820 million (57.3%).

Among these, the United States achieved the highest cumulative export value ever recorded for May. Conversely, exports to Singapore decreased by 4.7% to $473 million.

The export boom in Chungnam is interpreted as a result of the clear recovery in the global trade market and the continued growth of the semiconductor, display, and computer parts markets.

In particular, among the 15 major export items, 13 items showed double-digit growth in cumulative exports for May compared to the same period last year, surpassing last year's base effect (a 4.1% decrease), according to the province's analysis. Compared to 2019, the export volume in Chungnam region has mostly increased.

Hong Man-pyo, Director of the International Trade Division of the province, said, “As the global trade market gains momentum, export performance of local export companies is also showing record-high levels. The province will continue to provide various policy supports for regional companies to further boost export vitality.”

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