Gyeongbuk's Exports in 2024 Reach $40.16 Billion... Down 1.7% from Previous Year

Gumi Accounts for 52.3% of North Gyeongsang's Exports
Electronic Devices Drive Export Growth
Trump Administration's Tariffs Imposed
Concerns over Damage to Steel, Aluminum, and Auto Parts
FTA Utilization Rate Maintained at 89%
Need to Strengthen Industrial Competitiveness

Exports from North Gyeongsang Province in 2024 showed a slight decrease compared to the previous year. However, exports of electronic devices centered in Gumi drove the regional economy, accounting for more than 50% of the province's total exports.

Gumi Chamber of Commerce and Industry in Gyeongsangbuk-do.

According to a comprehensive analysis by the North Gyeongsang FTA Trade Promotion Center using export-import trade statistics from the Korea Customs Service, K-STAT from the Korea International Trade Association, and trade statistics from the Gumi Chamber of Commerce and Industry, North Gyeongsang's export value in 2024 was $40.16 billion, a 1.7% decrease from the previous year ($40.86 billion).

On the other hand, imports amounted to $18.09 billion, a 13.5% decrease from the previous year, resulting in a trade surplus of $22 billion, a 10.7% increase compared to the previous year ($19.94 billion).

◆ Gumi Accounts for 52.3% of North Gyeongsang Exports... Growth Centered on Electronic Devices

By region, Gumi recorded $20.98 billion (a 5.2% increase from the previous year), accounting for 52.3% of the province's total exports. Pohang ($9.22 billion), Yeongju ($2.03 billion), and Gyeongsan ($1.78 billion) followed.

By product category, exports of electronic devices (HS Code 85) amounted to $15.77 billion, representing 39.3% of the total and marking the largest share. In particular, Gumi accounted for $14.42 billion (91.4%) of these exports, solidifying its role as the center for electronic device exports. Steel (HS Code 72) followed with $6.26 billion, and machinery (HS Code 84) with $2.58 billion.

◆ Impact of U.S. Tariffs... Concerns over Damage to Steel, Aluminum, and Auto Parts

The tariff policies of the Trump administration are likely to negatively affect North Gyeongsang's exports. In particular, steel and aluminum (HS Codes 72 and 76), as well as auto parts (HS Code 87), are expected to be directly impacted.

Steel and aluminum have been subject to a 25% tariff since the 12th of last month in 2025, and automobiles and parts (including engines and transmissions) will face a 25% tariff from March 2025, with an expansion of affected items scheduled for May 3.

As a result, regions producing steel and aluminum such as Pohang, Goryeong, and Yeongju, as well as auto parts manufacturers in Gyeongsan and Yeongcheon, are likely to suffer direct and indirect damage. In addition to tariffs, risks such as the expansion of non-tariff barriers and increased complexity of export procedures are expected to grow.

◆ FTA Utilization Rate Maintained at 89%... Need to Strengthen Competitiveness of Electronic Devices

In 2024, North Gyeongsang's FTA utilization rate stayed in the 89-90% range each quarter. Chemical industry products made the most use of FTA benefits.

The top five export items from Gumi (electronic devices, machinery, plastics, chemical industry products, and inorganic compounds) totaled $18.19 billion, accounting for 86.7% of Gumi's total exports and 45.3% of North Gyeongsang's total exports. Among electronic devices, display modules, telecommunications devices such as smartphones, and electronic device components formed the top three categories with $11.65 billion.

Yoon Jaeho, chairman of the Gumi Chamber of Commerce and Industry, stated, "Although North Gyeongsang's exports slightly decreased in 2024, the trade surplus showed improvement," adding, "Since electronic devices centered in Gumi are the core of North Gyeongsang's exports, support to strengthen industrial competitiveness is necessary." He further emphasized, "In response to U.S. tariff policies, customized support and strategic responses from the government and local authorities are essential."

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