Gwangju-Jeonnam, April Imports Rise Amid Russia-Ukraine Crisis, Trade Surplus Declines

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] In April, exports from the Gwangju and Jeonnam regions increased by 6.1% compared to the same month last year, but due to a sharp rise in raw material prices caused by the Russia-Ukraine conflict, imports surged significantly, resulting in a drastic decrease in the trade surplus.

According to the 'April 2022 Gwangju and Jeonnam Export-Import Trends' announced by the Gwangju Main Customs Office on the 12th, exports rose 6.1% year-on-year to $4.812 billion, while imports increased by 32.8% to $4.465 billion, resulting in a trade surplus of $347 million. Compared to the previous month, exports decreased by 15.4%, but imports only decreased by 2.1%.

Because the decline in exports was greater than that of imports, the trade surplus in April sharply dropped by 70.4% compared to the same month last year ($1.173 billion). This was due to the prolonged Russia-Ukraine conflict causing significant increases in prices of petroleum, steel, and grains, which led to higher import values.

On a cumulative basis as of the end of April, exports increased by 19.7% year-on-year, imports rose by 41.4%, and the trade surplus decreased by 33.9% year-on-year to $3.339 billion.

By region, Gwangju's April exports increased by 5.0% year-on-year to $1.583 billion, imports rose by 26.1% to $850 million, resulting in a trade surplus of $733 million.

Looking at exports by item, ▲semiconductors (69.9%), ▲machinery (5.9%), and ▲tires (29.3%) increased, while ▲transport equipment (25.4%) and ▲home appliances (1.3%) decreased. Imports increased in ▲semiconductors (26.8%), ▲home appliances (10.7%), ▲rubber (7.7%), and ▲chemical products (6.4%), but machinery (37.0%) decreased.

By country, exports increased to ▲Southeast Asia (66.8%) and ▲the Middle East (7.0%), but decreased to ▲the United States (32.4%), ▲the EU (15.8%), and ▲China (15.9%). Imports increased from all regions including ▲Southeast Asia (28.4%), ▲China (27.1%), ▲the EU (16.4%), ▲the United States (15.3%), and ▲Japan (7.5%).

Jeonnam's exports in April increased by 6.6% year-on-year to $3.229 billion, imports rose by 34.4% to $3.615 billion, resulting in a trade deficit of $386 million.

By item, exports increased in ▲chemical products (9.0%), ▲petroleum products (86.4%), and ▲machinery (28.7%), but decreased in ▲steel products (47.6%) and ▲transport equipment (99.2%). Imports increased in ▲crude oil (73.3%), ▲chemical products (71.5%), and ▲coal (32.5%), but decreased in ▲petroleum products (12.1%) and ▲iron ore (69.0%).

By country, exports increased to ▲Southeast Asia (43.5%), ▲the United States (52.7%), ▲Japan (7.6%), and ▲Latin America (25.2%), but decreased to China (21.4%). Imports increased from ▲the Middle East (157.7%), ▲the United States (31.2%), and ▲Southeast Asia (34.8%), but decreased from ▲Australia (62.0%) and ▲Latin America (17.1%).

Detailed trade statistics by region and item can be found on the Korea Customs Service website under the Quick menu 'Trade Statistics.'

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