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$22.4 billion of exports in the first quarter, “Broke the record yet again”
According to provincial import and export analysis, trade surplus larger than the national total
2018.07.06(금) 10:08:05 | CNnews (
chungnamdo@korea.kr)
The total amount of exports of companies in Chungcheongnam-do in the first quarter of this year (January -March) exceeded $20 billion for the first time, breaking the record yet again. What’s more, the trade surplus of Chungcheongnam-do is larger than that of the total trade surplus of Korea during the same period.
According to Chungcheongnam-do on the 7th, provincial exports in the first quarter amounted to $22.464 billion. By month, exports stood at $7.293 billion in January, $6.985 billion in February and $8.186 billion in March. Exports in the first quarter of this year, the largest in record, increased by 23.9% ($4.34 billion) from $18.124 billion in the same period last year.
The amount of exports in the first quarter compared to the previous year displayed a sharp increase year on year, such as from $14.228 billion in 2016 to $18.124 billion in 2017. In particular, exports in the first quarter of this year surpassed that of the annual total of 2003, 15 years ago ($19.806 billion).
Nationwide exports in the first quarter totaled $145.44 billion, up by $13.379 billion (10.1%) from last year. As for Chungcheongnam-do’s imports in the first quarter, the amount was recorded as $9.154 billion in light of the impact of increased oil prices. This was an increase by 20% ($1.524 billion) from $7.63 billion during the same period last year. Accordingly, the trade balance showed a surplus of $13.31 billion (highest in the country), which increased by $2.816 billion (15.4%) from $10.494 billion in the same period last year.
The trade surplus of Chungcheongnam-do, in particular, is $66 million greater than the total trade surplus of Korea ($13.244 billion). This means that Chungcheongnam-do is leading Korea’s trade surplus. For exports by item in the first quarter, semiconductors took up the largest share reaching $10.691 billion and it was followed by flat panel displays and sensors at $2.412 billion, petroleum products at $1.892 billion, computers at $1.77 billion and petrochemical intermediate materials at $862 million.
Among the top ten strategic export items of Chungcheongnam-do, exports of display and automobile parts decreased by 19.2% and 32.3% respectively from the same period last year. On the other hand, exports of fine chemical materials in the first quarter of this year amounted to $281 million. It rose sharply by 234.8% from the same period last year, and thus was ranked among the top ten.
By country, exports were found to be $6.77 billion to China, $4.478 billion to Hong Kong, $4.306 billion to Vietnam, $1.378 billion to the U.S. and $915 million to Taiwan. Among export targets of companies in Chungcheongnam-do, Vietnam climbed to the third position by pushing the U.S. behind due to the effects of the FTA.
In addition, India, Brazil and Australia entered the top ten thanks to the increased exports of semiconductors, petroleum products and fine chemical products. “We forecast that the export conditions will once again be arduous in the second quarter, owing to uncertainties in the domestic and international markets and the spreading of protectionism in the U.S. and China,” said an insider of the Chungcheongnam-do Office. “We will dedicate the utmost efforts to supporting overseas marketing to develop emerging niche markets in addition to assisting exporters in the province in order to improve export conditions in the region.”
According to Chungcheongnam-do on the 7th, provincial exports in the first quarter amounted to $22.464 billion. By month, exports stood at $7.293 billion in January, $6.985 billion in February and $8.186 billion in March. Exports in the first quarter of this year, the largest in record, increased by 23.9% ($4.34 billion) from $18.124 billion in the same period last year.
The amount of exports in the first quarter compared to the previous year displayed a sharp increase year on year, such as from $14.228 billion in 2016 to $18.124 billion in 2017. In particular, exports in the first quarter of this year surpassed that of the annual total of 2003, 15 years ago ($19.806 billion).
Nationwide exports in the first quarter totaled $145.44 billion, up by $13.379 billion (10.1%) from last year. As for Chungcheongnam-do’s imports in the first quarter, the amount was recorded as $9.154 billion in light of the impact of increased oil prices. This was an increase by 20% ($1.524 billion) from $7.63 billion during the same period last year. Accordingly, the trade balance showed a surplus of $13.31 billion (highest in the country), which increased by $2.816 billion (15.4%) from $10.494 billion in the same period last year.
The trade surplus of Chungcheongnam-do, in particular, is $66 million greater than the total trade surplus of Korea ($13.244 billion). This means that Chungcheongnam-do is leading Korea’s trade surplus. For exports by item in the first quarter, semiconductors took up the largest share reaching $10.691 billion and it was followed by flat panel displays and sensors at $2.412 billion, petroleum products at $1.892 billion, computers at $1.77 billion and petrochemical intermediate materials at $862 million.
Among the top ten strategic export items of Chungcheongnam-do, exports of display and automobile parts decreased by 19.2% and 32.3% respectively from the same period last year. On the other hand, exports of fine chemical materials in the first quarter of this year amounted to $281 million. It rose sharply by 234.8% from the same period last year, and thus was ranked among the top ten.
By country, exports were found to be $6.77 billion to China, $4.478 billion to Hong Kong, $4.306 billion to Vietnam, $1.378 billion to the U.S. and $915 million to Taiwan. Among export targets of companies in Chungcheongnam-do, Vietnam climbed to the third position by pushing the U.S. behind due to the effects of the FTA.
In addition, India, Brazil and Australia entered the top ten thanks to the increased exports of semiconductors, petroleum products and fine chemical products. “We forecast that the export conditions will once again be arduous in the second quarter, owing to uncertainties in the domestic and international markets and the spreading of protectionism in the U.S. and China,” said an insider of the Chungcheongnam-do Office. “We will dedicate the utmost efforts to supporting overseas marketing to develop emerging niche markets in addition to assisting exporters in the province in order to improve export conditions in the region.”
