Gwangju and Jeonnam See Manufacturing Growth in November Last Year... Consumption and Exports Decline

Food and Lodging Drive Up Consumer Prices
Automobile Production Down, Electrical Equipment Up
Unemployment Rate Rises by 0.5 to 0.6 Percentage Points

In November of last year, manufacturing and construction investment in the Gwangju and Jeonnam regions increased compared to the previous year, but consumption and exports decreased.

According to the Gwangju-Jeonnam branch of the Bank of Korea on the 15th, the real economic trends for the Gwangju and Jeonnam regions announced that day showed that in November 2023, manufacturing in Gwangju increased by 1.2% compared to November 2023, as automobiles and trailers (-16.6%) decreased, but electrical equipment (20.6%) and others increased.

Sales at large retail stores decreased by 1.8% as both department stores (-2.1%) and large supermarkets (-1.2%) declined, and the area of construction starts increased by 14.3% as residential buildings (-16.2%) decreased but commercial buildings (44.6%) increased.

Exports decreased by 29.8%, mainly due to machinery such as automobiles (-32.4%) and electrical equipment and electronic components (-34.5%), while imports increased by 42.8%, mainly in electrical equipment and electronic components (46.4%).

In December of last year, consumer prices rose by 2.0%, driven by increases in food and lodging (3.3%) and education (3.4%).

The real economy in Jeonnam was at a similar level to that of Gwangju.

During the same period, manufacturing in Jeonnam increased by 0.9% as shipbuilding and other transport equipment (57.2%) and rubber and plastics (11.2%) rose.

Sales at large retail stores decreased by 8.4%, and the area of construction starts increased by 42.0% as other facilities such as ancillary facilities for multi-family housing (-18.8%) decreased, but residential buildings such as apartments (283.2%) increased.

Exports decreased by 17.3% as chemical industry products (-33.5%) and petroleum products (-24.1%) declined, while imports decreased by 16.5%, mainly due to crude oil and agricultural, fishery, and mining products (-19.9%).

The unemployment rates in Gwangju and Jeonnam were 2.8% and 2.4%, respectively, with both Gwangju (up 0.5%p) and Jeonnam (up 0.6%p) rising.

An official from the Gwangju-Jeonnam branch of the Bank of Korea said, "Consumer prices in Gwangju and Jeonnam increased due to rises in food, lodging, and education," adding, "Apartment sales prices are either gradually declining or remaining steady."