Changwon Chamber of Commerce, Announces 2021 First Half Changwon Export-Import Trend Survey ... Exports Up 23.2% Year-on-Year

COVID-19 Base Effect + New Demand in Consumption and Investment... Gradual Recovery Expected

Export and import trend indicators in the Changwon area over the past 10 years. [Image source=Changwon Chamber of Commerce and Industry]

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] The Changwon Chamber of Commerce and Industry in Gyeongnam announced the results on the 23rd after conducting a survey on Changwon's export-import trends for the first half of 2021 based on export-import statistics from the Korea International Trade Association.

The survey results showed that Changwon City's export value and total trade volume, which had been continuously declining since the first half of 2015, rebounded in the first half of this year.

In the first half of 2021 (cumulative), Changwon City's export value recorded $8.66483 billion, an increase of 23.2% compared to the same period last year, and imports recorded $2.83489 billion, an increase of 3.6%.

With both exports and imports increasing, the total trade volume increased by 17.7% to $11.49972 billion, and the trade balance posted a surplus of $5.82994 billion.

The export increase was notable due to the base effect from supply chain and logistics disruptions of raw and subsidiary materials experienced during the early spread of COVID-19 last year, combined with new demand from the recovery of consumer sentiment and increased industrial investment in various countries.

The strong export performance of Changwon was led by 'industrial machinery,' 'transport machinery,' and 'home electronics,' which have a high share in total exports.

In particular, home electronics led overall Changwon exports with a significant increase in exports of refrigerators, washing machines, and dryers to North America.

By industry, home electronics (+79.4%), electronic components (+39.1%), transport machinery (excluding shipbuilding) (+28.0%), steel products (+27.6%), industrial machinery (+19.8%), machine elements and molds (+15.6%), and basic industrial machinery (+14.4%) increased, while shipbuilding (-10.2%) and electrical equipment (-5.4%) decreased.

The major trading partners in the first half were the United States (trade volume $3.01869 billion), China ($1.86938 billion), the EU ($1.28838 billion), Japan ($891.31 million), and Vietnam ($489.16 million).

Exports to the largest trading partner, the United States, amounted to $2.56709 billion (+34.6%), and imports were $451.60 million (-7.3%), resulting in a trade surplus of $2.11549 billion.

To the second largest trading partner, China, exports were $1.23984 billion (+11.1%), and imports were $629.54 million (+20.6%), resulting in a trade surplus of $610.30 million.

Additionally, exports of railway vehicles to Australia increased sharply by 134.1% compared to the previous year, and exports of automobile parts to Russia showed strong performance, increasing by 114.6% compared to the previous year.

A representative from the Changwon Chamber of Commerce and Industry said, "With export transactions delayed last year taking place in the first half and new demand increasing due to active industrial investments by various countries, Changwon's export performance is expected to show a gradual economic recovery trend beyond a simple base effect."