Gyeongbuk's Export Gains Momentum... Despite COVID Crisis and Rising Logistics Costs, July Growth Rate Hits 11.5%

Monthly exports averaging $3.48 billion since September last year

Double-digit growth rate for 8 consecutive months recently

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Gyeongsangbuk-do recorded an export amount of 3.5 billion dollars in July this year, an increase of 11.5% compared to the same period last year, signaling a smooth sailing for exports in the second half of the year.

Despite concerns that South Korea's exports in the second half of the year would slow down compared to the first half due to the spread of COVID-19, growth has been observed.

National exports in July amounted to 55.4 billion dollars, an increase of 29.6% compared to the same period last year. Gyeongbuk Province exported 3.5 billion dollars in July this year, maintaining a monthly export range of 3.2 billion to 3.8 billion dollars since September last year, with an average monthly export of 3.48 billion dollars.

Except for March, there has been a double-digit growth rate for eight consecutive months from November last year to July this year.

In July this year, as the global economy and trade showed signs of recovery, six out of the top ten key export items of Gyeongbuk Province showed an increasing trend.

Items such as wireless telephones (349 million dollars, +8.0%), flat panel displays (149 million dollars, +32.3%), TV cameras and receivers (144 million dollars, +1,373.7%), galvanized steel sheets (140 million dollars, +9.7%), automobile parts (116 million dollars, +25.1%), and aluminum processed products (115 million dollars, +41.2%) showed strong performance leading the export growth.

By country, among the total exports of 3.5 billion dollars from Gyeongbuk in July, China, the top export destination, accounted for 1.081 billion dollars (+19.6%), the United States was second with 649 million dollars (+30.3%), Vietnam third with 212 million dollars (+6.4%), Japan fourth with 199 million dollars (-2.4%), and India ranked fifth with 133 million dollars (+128.7%).

Gyeongsangbuk-do is focusing on customized non-face-to-face trade marketing for export companies to overcome COVID-19, and is not falling behind in performance.

They plan to support more than 3,000 companies by the end of this year through dispatching 15 online trade delegations, holding 19 video export consultation meetings, participating in 12 hybrid online and offline overseas exhibitions, entering global online malls such as Amazon and Qoo10, establishing overseas branches, and providing global consulting.

Lee Cheol-woo, Governor of Gyeongbuk Province, said, “The fact that regional exports continue to show strong performance despite difficult external conditions is a hopeful achievement made possible by the painstaking efforts of companies.”

The governor added, “Although threats such as COVID-19 and rising logistics costs continue, we are seeking measures such as securing supplementary budgets to alleviate companies’ difficulties and strengthen competitiveness.”

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