Trade Trend Report of Jeonbuk Province
China Surpasses the US as 'Jeonbuk's Largest Export Country'
Last August, the largest export destination for the Jeonbuk region changed from the United States to China.
According to the 'August 2024 Jeonbuk Trade Trends' report released on the 30th by the Korea International Trade Association Jeonbuk Regional Headquarters (Head: Park Jun-woo), Jeonbuk Special Self-Governing Province's exports in August amounted to $520.46 million, down 9.0% compared to the same period last year. Imports increased by 9.1% to $488.71 million, resulting in a trade surplus of $37.16 million.
Jeonbuk Special Self-Governing Province accounted for 0.90% of South Korea's total exports, ranking 13th among the 17 metropolitan local governments nationwide.
The top five export items from Jeonbuk in August were pesticides and pharmaceuticals ($75.10 million, 114.0%), automobiles ($39.77 million, ▲30.0%), synthetic resins ($32.90 million, ▲9.0%), construction and mining machinery ($27.63 million, ▲50.8%), and agricultural machinery ($24.51 million, ▲28.1%).
Last August, the largest export destination for the Jeonbuk region changed from the United States to China. Jeonbuk's export value was 520.46 million USD, a 9.0% decrease compared to last year. The photo shows the container loading yard at Busan Port. [Photo by Jinhyung Kang aymsdream@]
By country, exports of pesticides increased to Vietnam ($19.27 million, 284.9%) and Japan ($2.63 million, 57.2%), while pharmaceutical exports rose to the Netherlands ($3.17 million, 35.4%) and China ($2.39 million, 22.0%), driving exports as the top items.
Although Jeonbuk's agricultural machinery exports decreased compared to last year, they accounted for a significant 45% share of South Korea's total agricultural machinery exports in August.
By continent, exports to Asia, Oceania, and Africa increased compared to the previous year. By country, exports ranked as follows based on export value: China ($89.26 million, ▲2.1%), the United States ($85.55 million, ▲32.8%), Vietnam ($49.41 million, 47.9%), Japan ($27.07 million, ▲12.2%), and Brazil ($22.27 million, 370.8%), with these top five countries accounting for 52.6% of total exports.
Brazil showed a triple-digit growth rate due to a significant increase in pesticide exports, ranking fifth among Jeonbuk's export destination countries.
It is unusual that China surpassed the United States as Jeonbuk's top export destination for the first time in 30 months since March 2022. Although exports of agricultural machinery and automobile parts to the U.S. declined this month, exports to China of corrugated paper products, plastic products, processed agricultural foods such as noodles, semiconductors, and petrochemical products increased, surpassing U.S. exports by a narrow margin of about $3.7 million.
Park Jun-woo, head of the Korea International Trade Association Jeonbuk Regional Headquarters, said, "Although Jeonbuk's exports recorded a decline compared to the same period last year this month, it is too early to conclude a downward trend. The increase in exports to Asia, which accounts for the largest share, and the more than doubling of exports to Oceania and Africa compared to the same period last year suggest various possibilities, so it will be necessary to monitor the trend over the long term."
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