Gwangju and Jeonnam November Exports Plunge 20.5% Compared to Last Year

Gwangju Down 29.8%, Jeonnam Down 17.3%

Exports in the Gwangju and Jeonnam regions last month decreased by 20.5% compared to a year earlier.

According to the November export and import trends report for Gwangju and Jeonnam released on the 20th by the Korea International Trade Association Gwangju-Jeonnam Branch, exports from Gwangju and Jeonnam plummeted to $4.34 billion, a 20.5% decrease from the same month last year.

Gwangju's export value recorded $980 million, a significant 29.8% decrease compared to the same month last year.

Exports of tires, air conditioners, heating and cooling equipment, and rubber products increased by 33% year-on-year to $70 million.

In contrast, automobile exports fell by 38.1% to $380 million compared to the previous year. This was analyzed to be due to ongoing supply disruptions of parts caused by a strike at parts suppliers in early November and continued wage and collective bargaining negotiations after the strike, leading to reduced production and exports of automobiles at the Kia Gwangju plant. Semiconductor exports showed a downward trend for the ninth consecutive month, dropping by 38.1% and 31.6% year-on-year to $270 million.

Exports in the Jeonnam region fell by 17.3% year-on-year to $3.36 billion.

Exports of agricultural, forestry, and fishery products such as rice (80.7%) and grapes (532.8%) increased. Ship exports saw a slight increase, while exports of petroleum products, steel plates, and petrochemical products decreased. Thanks to increased export volume of high-value-added ships such as LNG carriers, ship exports turned positive.

Recently, the decline in oil prices has led to lower product prices, resulting in a 24.1% decrease in petroleum products and a 22.6% decrease in petrochemical products (MTI 21). Steel plate exports exceeded $650 million for the fifth consecutive month, showing a slight 4.0% decrease compared to the previous year.

Exterior view of Gwangju Trade Center.