Gwangju and Jeonnam Achieve Trade Surplus of USD 1.7 Billion in April

Southeast Asia Gains Importance Amid Sluggish US and China Markets
Emerging Markets Such as Central and South America to Shape Future Export Trends

Exports from the Gwangju and Jeonnam regions in April showed double-digit growth, continuing a trade surplus. Exports of automobiles and petroleum products increased, while exports to the United States and China continued to decline by region, highlighting the challenge of high dependence on major markets.

According to the Korea Customs Service on May 15, total exports from the Gwangju and Jeonnam regions in April reached USD 5.81 billion, up 15.9% from the same month last year. Imports amounted to USD 4.04 billion, an increase of 1.0%, resulting in a trade surplus of USD 1.76 billion.

Exports from the Gwangju region reached USD 1.73 billion, up 5.4% year-on-year. Imports increased by 40.8% to USD 930 million, resulting in a trade surplus of USD 800 million. By category, exports of transportation equipment rose by 15.2%, leading the upward trend, and semiconductors also increased by 2.5%. On the other hand, exports of machinery and precision equipment fell by 8.0%, rubber tires and tubes by 22.2%, and home appliances by 42.2%.

By country, exports to the European Union increased by 51.1%, to Central and South America by 55.1%, and to Southeast Asia by 6.6%. However, exports to the United States decreased by 19.7%, marking a decline for the fourth consecutive month, and exports to China also fell by 12.5%, continuing a three-month downward trend.

Imports rose mainly in semiconductors (42.7%), machinery (24.3%), and home appliances (19.5%). Notably, imports from Japan soared by 163.9%, while those from China and Southeast Asia increased by 64.1% and 42.9%, respectively.

The Jeonnam region saw an even larger increase in exports. In April, exports amounted to USD 4.08 billion, up 21.0% from the previous year, while imports totaled USD 3.11 billion, down 6.9%, resulting in a trade surplus of USD 960 million.

In Jeonnam, petroleum product exports soared by 91.7%, marking the largest increase. Chemical products also rose by 4.8%. However, exports of steel products fell by 18.1%, machinery and precision equipment by 29.4%, and transportation equipment by 9.0%.

By country, exports to Southeast Asia increased by 74.3%, but exports to China and the United States fell by 29.5% and 17.8%, respectively. Exports to Japan and the European Union also decreased by 4.6% and 35.5%, respectively. In terms of imports, chemical products increased by 85.0%, while imports of crude oil, petroleum products, iron ore, and coal declined. In particular, imports from the Middle East dropped by 35.7%, which is noteworthy.

Both Gwangju and Jeonnam regions saw continued declines in exports to the United States and China, while expansion into the Southeast Asian market emerged as a common trend.

The local business community analyzes that, amid changes in the global supply chain and the trend toward protectionism, export market diversification is becoming increasingly important. In reality, Gwangju maintains a manufacturing-based export structure focused on automobiles and semiconductors, while Jeonnam is centered on petrochemicals and the refining industry, making both regions highly sensitive to changes in international commodity prices and overseas economic conditions.

With slowdowns in the United States and China emerging as key variables for Gwangju and Jeonnam, whether the expansion into emerging markets such as Southeast Asia and Central and South America can continue is expected to determine the future trajectory of exports.

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