Chungnam Approaches First Ever $100 Billion in Export Value

Provided by Chungnam Province

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province is on the verge of surpassing a cumulative export value of 100 billion dollars this year.

According to the province on the 30th, the total export amount achieved by local companies until the end of last month was recorded at 93.978 billion dollars. This is the second largest nationwide after Gyeonggi Province's 124.9 billion dollars, showing a 31.4% increase compared to the previous year (71.518 billion dollars).

In particular, the cumulative export amount from January to November is the highest ever, exceeding the highest annual export amount in 2018 (91.968 billion dollars), and the export amount for November alone (9.965 billion dollars) overwhelmingly surpasses the previous record of November 2018 (7.6 billion dollars).

If the current trend continues, Chungnam is expected to exceed a cumulative export value of 100 billion dollars by the 31st of this month, according to the province.

By product category until last month, export amounts are broken down as follows: ▲Semiconductors 42.92 billion dollars ▲Flat panel displays and sensors 10.758 billion dollars ▲Computers 9.717 billion dollars ▲Petroleum products 6.368 billion dollars ▲Synthetic resins 2.445 billion dollars ▲Automobile parts 1.619 billion dollars ▲Batteries and accumulators 1.393 billion dollars, among others.

Semiconductors, considered a key export item for Chungnam, showed strong performance this year due to the expansion of artificial intelligence, autonomous vehicles, big data, strong mobile demand, and favorable foundry market conditions.

Displays recorded export growth for 12 consecutive months due to the expansion of the OLED TV market and increased demand for mobile OLED and low-power displays, while computers reached an all-time high due to increased demand for SSD installation driven by rising data usage and the resumption of data center investments.

Export amounts and year-on-year growth rates by country were recorded as follows: ▲China 24.292 billion dollars (18.1%↑) ▲Vietnam 17.75 billion dollars (27.3%↑) ▲United States 10.23 billion dollars (40.7%↑) ▲Japan 2.568 billion dollars (40.2%↑) ▲India 1.888 billion dollars (42.7%↑).

China achieved double-digit export growth rates for 11 consecutive months, driven by strong performance in semiconductors and petrochemicals, while India showed export growth for 10 consecutive months due to strong performance in petrochemicals and steel.

Chungnam's import amount this year was 33.385 billion dollars, a 39.2% increase from 23.988 billion dollars the previous year.

Reflecting export and import status, Chungnam's trade surplus was 60.593 billion dollars, maintaining the top position nationwide.

Hong Man-pyo, head of the International Trade Division of the province, said, “It is significant that despite internal and external difficulties such as COVID-19, we achieved record-high export performance. Above all, this year Chungnam's trade surplus amount is more than twice the national trade surplus, demonstrating that Chungnam is leading the domestic trade surplus.”

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