Nationwide 'Reverse Trend', Ulsan Posts Surplus... Last Year's Export Amount $90 Billion

Ulsan City, Strong Position as an Export City with Thriving Key Industries

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Last year, the national trade balance was in deficit, but Ulsan recorded a surplus.

Ulsan City announced on the 26th that the annual export amount in the Ulsan region exceeded 90 billion dollars in 2022.

According to data from Ulsan Customs released on the 16th, last year’s export amount in the Ulsan region recorded 92.6 billion dollars (based on customs clearance), and data from the Korea International Trade Association Ulsan Regional Headquarters released on the 26th also showed that the export amount in the Ulsan region, based on the location of manufacturing companies, was 90.2 billion dollars.

Both Ulsan Customs and the Korea International Trade Association Ulsan Regional Headquarters, which are institutions that compile regional export statistics, recorded export amounts exceeding 90 billion dollars. Last year, Ulsan’s annual export amount reached the 90 billion dollar mark for the first time in eight years since 2014.

Last year, the nationwide export amount was 683.7 billion dollars, slightly increasing from the previous year, but the export amount in the Ulsan region steadily increased, recording a growth rate in the 20% range compared to the previous year.

While the national trade balance turned to a deficit due to an increase in imports exceeding the export growth rate amid a continued global economic slowdown, Ulsan maintained a solid trade surplus thanks to the favorable conditions of its main industries.

Korea International Trade Association statistics (performance of companies with manufacturers located in Ulsan based on export-import declarations).

Since being designated as a specific industrial zone in 1962, Ulsan City started with exports of 260,000 dollars and has grown into a representative export city of South Korea, achieving an export amount of 100 billion dollars for the first time among local governments in 2011.

After reaching its peak in 2011, exports continuously declined from 2012 due to adverse factors such as the shipbuilding industry slump and the drop in international oil prices, falling to the 56.1 billion dollar level (according to the Trade Association) in 2020, which was the level of 2006, due to the spread of COVID-19.

The year 2022 was another year of negative external conditions, including COVID-19 uncertainties, the Russia-Ukraine war, and deglobalization caused by US-China conflicts.

However, with the global increase in ship demand and exports in new industries such as eco-friendly vehicles leading to qualitative growth in exports, Ulsan’s main industries have revitalized, recovering to levels prior to the COVID-19 pandemic and the shipbuilding crisis.

Ulsan City plans to continue promoting customized export support policies for companies, such as dispatching overseas trade delegations and participating in famous overseas exhibitions and fairs, to maintain the export growth trend this year as well.

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