Changwon Chamber of Commerce and Industry, Changwon Export and Trade Balance Surplus Hits Highest Level in 11 Years

Last Year's Export and Import Trends in Changwon Area Announced
Passenger Cars, Batteries, and Munitions Drive Export Growth

The Changwon Chamber of Commerce and Industry in Gyeongnam announced that, based on export-import statistical data from the Korea International Trade Association, the 2023 export-import trend survey for the Changwon area revealed that Changwon's export and trade balance surplus reached the highest level in 11 years.

Changwon Chamber of Commerce and Industry, Gyeongnam.
Photo by Lee Seryeong

In 2023, Changwon City's export value increased by 16.9% compared to the same period last year to $20.42914 billion, imports decreased by 1.0% to $5.827 billion, resulting in a total trade volume of $26.25614 billion, up 12.4%. The trade balance surplus recorded $14.6214 billion, a 26.0% increase from the previous year.

The increase in Changwon's export performance was led by a significant rise in 'weapons' and 'transport machinery (excluding shipbuilding)' compared to the previous year. On the other hand, 'home electronics' continued to decline due to decreased exports to key export countries such as Canada, Taiwan, and China, and exports of 'machine elements, tools, and molds' decreased to China, Japan, and Germany.

Looking at the year-on-year export changes by industry in Changwon City, sectors such as 'weapons' (+70.6%), 'transport machinery (excluding shipbuilding)' (+63.0%), 'electrical equipment' (+43.3%), 'industrial electronic products' (+17.5%), 'electronic components' (+12.4%), 'other steel and metal products' (+9.6%), and 'industrial machinery' (+8.2%) showed increases. Meanwhile, sectors such as 'steel products' (-12.9%), 'non-ferrous metal products' (-10.6%), 'machine elements, tools, and molds' (-9.0%), and 'home electronics' (-5.3%) showed decreases.

The major trading partners of Changwon City in 2023 were the United States (total trade volume $9.08626 billion), China ($2.94798 billion), Japan ($1.46821 billion), Germany ($1.088 billion), and Mexico ($936.81 million).

Changwon's largest trading partner and a country with a trade surplus is the United States, to which it exported $8.11511 billion (+56.3%) and imported $971.15 million (+26.0%), resulting in a trade surplus of $7.14396 billion.

To the second largest trading partner, China, Changwon exported $1.62711 billion (-15.4%) and imported $1.32087 billion (-5.0%), recording a trade surplus of $306.24 million.

A representative from Changwon Chamber of Commerce stated, “Despite prolonged high interest rates and difficult external export conditions, Changwon's export value and trade balance achieved the highest levels in 11 years since 2012, thanks to exports of passenger cars to the United States and weapons to Poland.” He added, “To maintain this upward trend in export performance, it is essential that the amendment to the Korea Export-Import Bank Act be promptly passed to facilitate smooth progress of the second export contract with Poland.”