Gyeongbuk Exports Performed Well Last Year... $46.9 Billion Highest in 8 Years

Recorded Over 50 Billion Dollars from 2011 to 2014

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-sun] Last year, exports from Gyeongbuk reached $46.9 billion, marking the highest level in eight years.

Gyeongsangbuk-do announced on the 19th that despite external adversities and a downturn in overseas markets, total exports last year recorded the highest level since 2014.

From 2011 to 2014, Gyeongbuk's exports exceeded $50 billion annually, but faced hardships as large corporations relocated their mobile phone and electronics production facilities domestically and abroad, causing exports to fall to the high $30 billion range.

Since then, with expanded corporate investment focused on electronic components and secondary batteries and a shift in industrial structure, a recovery trend began, resulting in $46.9 billion in 2022, a 6.0% increase from $44.3 billion in 2021.

Looking at monthly export figures last year, despite the global tightening economic trend, the Russia-Ukraine war, and China’s quarantine controls, positive growth of 13% to 37% compared to the same months of the previous year was maintained until the first half.

In the second half, exports sharply declined, especially steel products due to Typhoon Hinnamnor in September, resulting in negative growth rates, but by the end of the year, the trend shifted back to growth, showing signs of recovery from the shock.

In December last year, national exports were $54.9 billion, down 9.6% from $60.7 billion in the same period the previous year, while total exports for 2022 reached $683.7 billion, a 6.1% increase from $644.4 billion in 2021.

The rise in export performance in 2022 despite external adversities is analyzed to be due to strong exports of information and communication industry products leading advanced industries and increased demand for secondary battery materials boosting exports of precision chemical fuels-related items.

According to the Korea International Trade Association Daegu-Gyeongbuk Regional Headquarters, the largest export item from Gyeongbuk in 2022 was wireless telephones, exporting $3.92 billion (-10.5%).

Wireless communication device parts exported $3.84 billion (+70.7%), TV cameras and receivers $2.73 billion (-41.4%), precision chemical fuels $2.45 billion (+174.2%), and flat panel displays $2.4 billion (+36.2%).

By country, among Gyeongbuk’s total exports of $46.9 billion in 2022, the top export destinations were China with $15.4 billion (+2.1%), the United States with $5.6 billion (-9.6%), Japan with $2.8 billion (+8.8%), Vietnam with $2.7 billion (+5.7%), and India with $1.9 billion (+16.0%).

Gyeongsangbuk-do plans to fully support local export companies that performed relatively well despite difficult business conditions such as high interest rates, high prices, and high exchange rates, so they can further expand their export paths this year.

To this end, a budget of 14.4 billion KRW will be invested in on-site export marketing and customized export infrastructure support to assist about 3,000 companies.

Additionally, to reduce export cost burdens, up to 20 million KRW will be provided to 500 small and medium-sized enterprises.

Lee Cheol-woo, Governor of Gyeongsangbuk-do, said, “In a situation where global trade is sluggish, exports, which are the backbone of our economy, are expected to turn to negative growth next year,” adding, “We will do our utmost to support early recovery of export vitality and help our export companies maintain their capabilities.”