Changwon City's Export Performance Rises 15.3% to Achieve 17.59842 Billion USD

Changwon Chamber of Commerce and Industry.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] The Changwon Chamber of Commerce and Industry announced the results of the '2021 Changwon Export-Import Trend Survey' on the 26th.

In 2021, Changwon City's export value increased by 15.3% compared to the same period in 2020, reaching $17.59842 billion, and imports increased by 6.9% to $5.75164 billion, resulting in a total trade volume of $23.35005 billion, up 13.1%.

Looking at export-import performance by processing stage, intermediate goods exports amounted to $7.31879 billion (+11.1%), imports were $3.97012 billion (+10.0%), capital goods exports were $7.05893 billion (+20.1%), and imports were $1.26024 billion (-5.6%).

Additionally, exports of primary products such as raw materials increased by 24.8% to $14.28 million, and imports rose by 33.3% to $229.12 million.

The major trading countries were ranked as follows: 1st, the United States with a total trade volume of $6.23616 billion (+19.5%), 2nd, China with $3.53815 billion (+2.4%), 3rd, Japan with $1.77767 billion (+7.2%), 4th, Germany with $997.23 million (+13.7%), and 5th, Vietnam with $984.40 million (-7.3%).

Exports to the largest trading partner, the United States, amounted to $5.41768 billion (+25.9%), while imports were $818.48 million (-10.7%), resulting in a trade surplus of $4.59921 billion.

Items showing a significant increase in exports to the U.S. were durable consumer goods such as washing machines (+161.9%), dishwashers (+69.9%), refrigerators (+66.8%), and other heating and electric heating devices (+57.0%).

Exports to China were $2.22214 billion (-7.8%), imports were $1.31601 billion (+26.0%), resulting in a trade surplus of $961.3 million.

Despite the decrease in exports to China, major export items such as connection parts (+77.8%), integrated circuits and semiconductor parts (+60.6%), metal machine tool parts (+47.8%), mineral processing machines (+47.3%), and metal cutting machines (+46.9%) showed strong performance.

However, exports of construction heavy equipment (-65.5%), other machine elements (-21.0%), valves (-20.3%), prime movers (-14.2%), and automobile parts (-12.7%) declined.

Exports to Japan stood out with cold-rolled steel sheets (+116.7%), wire rods (+51.0%), construction heavy equipment (+44.4%), hot-rolled steel sheets (+42.9%), steel wire (+30.4%), and bearings (+29.0%). Exports to Germany showed growth in pumps (+128.0%), batteries (+40.8%), prime movers (+33.8%), bearings (+31.7%), automobile parts (+30.4%), and metal cutting machines (+26.6%).

Among major trading countries, exports decreased in some Asian countries such as India (-14.2%), Vietnam (-12.8%), China (-7.8%), and Uzbekistan (-4.8%), but exports to countries in the Americas and Europe showed strong performance.

A representative from Changwon Chamber of Commerce said, "As industrial production and infrastructure construction resumed in various countries and export volumes delayed by COVID-19 recovered, Changwon's export performance showed levels higher than before the pandemic. However, the increase in imports of primary products such as raw materials appears to be due to price rises caused by the recent raw material super cycle, which, along with exchange rate increases, will lead to higher procurement costs for companies."

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