Positive Signs for Gyeongbuk's $50 Billion Export Target This Year... March Exports Reach Record High of $5 Billion

Despite Uncertain External Conditions, Exports Increase to Top 10 Countries Including China, USA, Japan, and Vietnam

Gyeongbuk Provincial Government,

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Dong-guk] Gyeongsangbuk-do's export value in March this year reached 5 billion dollars, a 37.1% increase compared to 3.6 billion dollars in March last year, setting a record for the highest March export in trade history.

The previous highest March export record was 4.5 billion dollars in 2014, and reaching the 5 billion dollar monthly export mark was achieved for the first time in 8 years and 5 months since October 2013. This month ranks as the fourth highest export performance ever.

According to statistics from the Korea International Trade Association, Gyeongsangbuk-do has only reached the 5 billion dollar export mark three times before: October 2012 (5 billion dollars), November 2012 (5.2 billion dollars), and October 2013 (5.4 billion dollars).

All of Gyeongsangbuk-do's top 10 export items also increased.

The largest export item, wireless phones, expanded sales to the Americas and Europe, exporting 740 million dollars in March, an 87.4% increase compared to March last year.

TV cameras and receivers (mobile phone camera modules) and flat panel displays exported 470 million dollars (+4929.8%) and 220 million dollars (+52.1%) respectively, due to increased exports to China.

Additionally, the boom in upstream industries such as construction and machinery, along with rising raw material prices strengthening product unit prices, drove export growth in hot-rolled steel sheets (320 million dollars, +112.3%) and cold-rolled steel sheets (240 million dollars, +66.7%).

Exports to Gyeongsangbuk-do's top 10 countries all increased as well.

Exports to China, the number one export country, rose 20.6% to 1.43 billion dollars; the United States increased to 690 million dollars (+68.3%), Japan to 330 million dollars (+56.1%), Vietnam to 300 million dollars (+15.0%), Mexico to 160 million dollars (+89.2%), and India to 160 million dollars (+31.8%).

However, due to the Ukraine crisis causing a decrease in exports of automobile parts, exports to Russia fell from 12th place in February to 27th this month, with export value dropping 46.8% to 30 million dollars.

Despite uncertain external conditions such as the Ukraine crisis, the country's total exports in March achieved a monthly export record high of 63.5 billion dollars, an increase of 9.8 billion dollars (+18.2%) compared to 53.7 billion dollars in March last year.

Gyeongsangbuk-do plans to fully support local export companies that have laid the foundation for growth through this month's strong export performance, so they can continue to achieve good results despite worsening external conditions.

Going forward, face-to-face consultations with overseas buyers will be resumed in pre-COVID formats, including trade delegations, participation in trade fairs, and export consultation meetings inviting foreign buyers, to directly open sales channels.

Also, to assist small and medium-sized enterprises struggling with rising export freight costs, this year’s export logistics support budget will be expanded from 4 billion won last year to 5 billion won, providing up to 20 million won per company.

Governor Lee Cheol-woo said, “Achieving 5 billion dollars in exports this month is a valuable accomplishment despite adverse conditions such as the prolonged Ukraine crisis, soaring raw material prices, and supply chain instability,” adding, “We will continue to do our best to achieve this year’s export target of 50 billion dollars by pioneering new overseas markets and establishing stable export conditions.”

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