Yongin Ranks First in Gyeonggi Province Trade Balance This Year... $2.02 Billion Through February

Exports Surge 138% Amid Semiconductor Market Recovery
Top 4 Exporters Located in Southern Semiconductor Belt

As the semiconductor market shows signs of recovery, Yongin City has recorded the largest trade surplus among local governments in Gyeonggi Province this year. In particular, the so-called 'semiconductor belt' in the southern metropolitan area, including Hwaseong, Yongin, Icheon, and Pyeongtaek, occupies the top four spots in export volume within the province.

According to statistics from the Korea International Trade Association, Hwaseong City ranked first in export volume among Gyeonggi Province local governments last month, recording $2.0619 billion. Hwaseong's export volume increased by 3.3% compared to the same period last year. Following were ▲Yongin City ($1.6788 billion) ▲Pyeongtaek City ($1.53877 billion) ▲Icheon City ($1.5097 billion). All four top local governments are part of the southern semiconductor belt.

In particular, Yongin City recorded the largest trade surplus in the province. With exports of $1.6788 billion and imports of $582.43 million, the surplus amounted to $1.09637 billion, the highest among local governments in the province. Hwaseong City ranked second with a surplus of $733.6 million. Yongin City also leads in cumulative trade surplus for the first two months of this year, totaling $2.02041 billion.

Yongin City's trade surplus is attributed to increased exports driven by the recent recovery in the semiconductor market. In fact, Yongin's cumulative export growth rate this year stands at 138.4%, the highest in the province alongside Icheon City (150.7%). Yongin experienced a decline in exports starting June 2022 due to the semiconductor downturn, even recording a trade deficit at one point, but exports and trade surplus began to rebound sharply from September last year.

Looking at the export growth rates by major items in February for Yongin City, semiconductors increased by 75.6%. This is significantly higher compared to other categories such as other machinery (4.5%), electronic application devices (1.5%), and automobile parts (1.4%). The main export destinations were China (50.8%), Vietnam (9.6%), Taiwan (9.3%), and the United States (7.4%).

Yongin City is implementing various support measures to help small and medium-sized enterprises (SMEs) develop overseas markets. This year, the city operated joint pavilions at CES 2024 held in Las Vegas, USA, in January, and MWC 2024 held in Barcelona, Spain, in February. At the end of this month, a 'Eastern Europe Market Development Team' will be dispatched to Romania and Poland.

A Yongin City official stated, "We will continue to prepare various export support measures to help SMEs demonstrate competitiveness on the global stage."

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