Chungcheongnam-do

The exports of Chungnam province exceeded USD 100 billion for the second consecutive year while setting an annual record.

While exports are decreasing and trade deficits are rising amid the global economic downturn, the rising amount of exports from the province clearly shows the “Power of Chungnam” leading the Korean economy.

According to the provincial government, on December 27, 2022, exports by the province reached KRW 100.341 billion through November 2022.This is the second largest value of exports, trailing only Gyeonggi province (USD 126.0 billion), and represents a 6.8% increase from the same period last year (USD 93.978 billion).

If exports from December are added, this year’s exports are expected to break last year’s record of USD 104.116 billion, thereby exceeding USD 100 billion for the second consecutive year.

Until November, the value of exports by item is: semiconductors (USD 42.067 billion); flat-panel display and sensors (USD 12.175 billion), computers (USD 10.088 billion), petrochemicals (USD 9.573 billion), synthetic fibers (USD 3.336 billion), petrochemical intermediate raw materials (USD 2.434 billion), basic petroleum materials (USD 1.78 billion), batteries and storage batteries (USD 1.665 billion), precision chemical materials (USD 1.63 billion), and automotive parts (USD 1.596 billion).






While the export of semiconductors decreased by 1.9% and automotive parts decreased by 1.4% year on year, exports of flat panel display and sensors increased by 13.2%, as did computers by 3.9%, petroleum products by 50.6%, synthetic fibers by 36.4%, petrochemical intermediate materials by 4.2%, and basic petroleum materials by 81%.

However, due to the global economic conditions, the province’s major export items, such as semiconductors, flat panel displays and sensors, and computers, have slowed recently.

For semiconductors, the decline in the prices of DRAM and NAND led to a decrease in memory chip exports.

The exports of display devices also saw a decline due to the sluggish demand for IT, business transitioning from LCD to OLED, and lower prices due to increased competition. 

As for exports by country, exports to China decreased by 5.1% year on year to USD 23.051 billion, due to COVID-19.

Decreases were also seen in exports to Hong Kong USD 11.995 billion, down 26.3%, and Japan USD 2.431 billion, down 5.3% Exports to Vietnam rose to USD 21.29 billion, up 19.9%, as did exports to the United States USD 12.148 billion, up 19%, exports to Taiwan USD 6.853 billion, up 12.8%, exports to Singapore USD 2.775 billion, up 50.5%, and to India USD 2.419 billion, up 28.3%. Exports to Australia and New Zealand reached USD 2.077 billion and USD 1.481 billion, rising by 275.5% and 129.3%, respectively





Imports amounted to USD 46.833 billion, jumping 40.3% from the previous year (USD 33.385 billion).

This is attributable to a significant increase in the price of energy, such as oil, after the onset of the war in Ukraine.

Crude oil imports increased by 50.4%, coal imports rose by 115.8%; and petrochemicals imports rose by 52.6% year on year.As a result, the trade surplus was USD 53.508 billion, the largest nationwide.

A national trade deficit of USD 42.5 billion was recorded, with exports amounting to USD 629.0 billion and imports being USD 671.5 billion through last month.

Hong Man-pyo, director of the International Trade Department of the provincial government, said, “Thanks to the Chungnam province government’s expanded marketing support for export firms, despite various difficulties, such as the COVID-19 pandemic and supply chain disruptions, the exports of Chungnam exceeded USD 100 billion for the seocnd consecutive year, and we will be dedicated to rising to the top exporting province in Korea by continuously pushing for the goal of USD 200 billion of exports by 2030.”

Meanwhile, the province is implementing 28 projects to support exports of small and medium enterprises, which include an autonomous selection of exports bases, support for exports and imports insurance premiums and credit checks, launching of overseas market exploration groups, and assistance for the conversion of domestic demand-based firms into export firms.

Through the ‘Vietnam Business Matching Day’ event held in October 2022, 20 firms in the province signed contracts worth KRW 65.67 million.


▲ Exports and imports by year (as of November 2022)

Department in charge: Trade Support Team, International Trade DepartmentTel. 041-635-3357