‘South Korea's Leading Export City’ … Ulsan City Achieves Highest Export Value in 6 Years in 2021

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters, Trainee Reporter Hwang Du-yeol] Ulsan City's annual export value in 2021 exceeded 76 billion dollars.

According to data released on the 1st by Ulsan Customs, last year Ulsan's export value was 76.2 billion dollars, marking the highest level in six years since 72.9 billion dollars in 2015.

Since being designated as a specific industrial zone in 1962, Ulsan started with its first export of 260,000 dollars and achieved 100 billion dollars in exports in 2011, becoming the first local government to reach this milestone.

After peaking in 2011, the city’s export value continuously declined from 2012 due to adverse factors such as the shipbuilding industry recession and falling international oil prices.

In 2020, exports dropped to 56.1 billion dollars amid the spread of COVID-19 and the US-China trade dispute.

Following the shipbuilding crisis in 2015, Ulsan responded to government support by applying for designation as a Special Industrial Crisis Response Area.

Last year, like in 2020, difficult external conditions persisted, including the COVID-19 crisis, instability in international supply chains, and trade competition between countries.

However, with the global increase in ship demand and rising prices of petrochemical products, Ulsan’s main industries of shipbuilding and petrochemicals saw production and exports gain momentum, recovering to levels before the COVID-19 pandemic and shipbuilding crisis.

Experts analyze that Ulsan’s overall export recovery is due to increased international ship demand, rising demand for eco-friendly vehicles and shipbuilding driven by strengthened environmental standards, recovery in shipbuilding orders, continuous price increases of petrochemical products, and growing demand for eco-friendly vehicles.

Experts also forecast that this upward trend will continue steadily in the future.

An official from Ulsan City stated, “Since being designated as a specific industrial zone in 1962, Ulsan has maintained its position as a representative export city of South Korea for half a century,” and added, “We applaud all the businesspeople, workers, and citizens who have dedicated themselves to South Korea and Ulsan in the trade field.”

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