Last Year, Changwon's Exports Reached 22.7 Billion Dollars, Highest Since 2012
Changwon National Industrial Complex Production Expected to Exceed 60 Trillion KRW
Changwon Special City in Gyeongnam confirmed the possibility of economic recovery as the Changwon economy achieved remarkable results in exports and production despite ongoing economic difficulties characterized by high exchange rates, high interest rates, and high inflation (the "3 highs") and domestic and international geopolitical uncertainties.
In particular, this year is expected to bring hopeful news amid anticipated export difficulties due to increased external uncertainties following the inauguration of the second Trump administration in the United States and the continued trend of high interest rates and high inflation.
According to recently released export-import statistics from the Korea International Trade Association, the export value of the Changwon region last year was recorded at 22.7 billion USD. This figure far surpasses the 2023 record, which recovered to the 20 billion USD level for the first time in 11 years. It is also the highest record since 2012.
During the same period, the trade surplus reached 16.8 billion USD, the largest since the launch of the integrated Changwon City in 2010. When expanded nationwide, Changwon's trade surplus ranked fifth highest among all metropolitan and basic local governments.
※ Chungnam Asan (61.2 billion USD), Ulsan (40.9 billion USD), Gyeongbuk Gumi (18.4 billion USD), Chungbuk Cheongju (17.6 billion USD)
The proportion of Changwon's exports within Gyeongnam Province also showed an increasing trend for three consecutive years since the 8th local government administration. Changwon's export share in Gyeongnam was 47.8% in 2022 and continued to rise, reaching nearly 50% last year. Changwon significantly contributed to Gyeongnam Province recording its highest export value since 2017.
Furthermore, the Changwon National Industrial Complex entered the era of 60 trillion KRW in production value in 2023 and is expected to achieve record performance again in 2024.
According to statistics from the Korea Industrial Complex Corporation, the production value of the industrial complex hit a low of 39 trillion KRW in 2019 after declining in the 2010s but has gradually recovered, reaching 60 trillion KRW for the first time in 2023. Moreover, production value up to the third quarter of last year was 46 trillion KRW, 2 trillion KRW more than the third quarter of 2023. The fourth-quarter results, scheduled to be announced in mid-this month, are expected to continue this upward trend.
The favorable wind blowing through the Changwon economy is expected to continue for the time being. Andrzej Duda, President of Poland, a major player in K-defense, visited Changwon last year, signaling additional exports of defense products to Poland. Additionally, on the 16th of last month, Korea Hydro & Nuclear Power and the U.S. Westinghouse agreed to settle intellectual property disputes related to nuclear power, which is expected to lead to the final contract for the construction of two new nuclear reactors in the Czech Republic in March, as well as expanded overseas expansion, production, and exports by nuclear power companies in the future.
Changwon Special City is actively working to maintain this momentum. In April last year, it established and announced a 50-year future vision to mark the 50th anniversary of the designation of the Changwon National Industrial Complex. The vision proposes the "Changwon Industrial Innovation Park" and sets strategic and policy directions based on core values of innovation, eco-friendliness, learning, and vitality.
Going forward, the city plans to transform the industrial complex into a sustainable complex by integrating digital technology and culture. It will accelerate the spread of AI-based autonomous manufacturing and digital transformation to create an innovative ecosystem that enhances corporate competitiveness and develop work-life balance spaces to make it a workplace preferred by young people.
Additionally, the Changwon Defense and Nuclear Convergence National Industrial Complex (also known as Changwon National Industrial Complex 2.0) will swiftly proceed with development procedures starting with passing the preliminary feasibility study. The city plans to select the national strategic project for the development restriction zone (GB) in the first half of this year, review the project area, and apply for the preliminary feasibility study in the second half.
Alongside this, the city is focusing administrative efforts by investing around 100 billion KRW in initiatives such as the "Good Prepayment Campaign," issuing 50 billion KRW in Nubijeon cards in the first half, new support policies for small business owners, early implementation of small business support projects, revitalization of traditional markets, and tailored job support in three major areas: key industries, middle-aged workers, and vulnerable employment groups, to ensure that industrial achievements are evenly distributed to the livelihood economy.
Moreover, the city will promptly provide 200 billion KRW in small and medium enterprise development funds (160 billion KRW for management stabilization funds and 40 billion KRW for facility funds) early this year and actively promote SME-tailored support projects to strengthen corporate competitiveness, including the Changwon-type Small Giant Enterprise Development Project, on-site consulting support by the Changwon Enterprise Support Group, SME ESG management activation support project, and SME capacity-building (Scale-up) support project.
Mayor Hong Nam-pyo said, "Changwon is the place where industries such as shipbuilding, defense, automobile, and electronics, based on the machinery industry with a high export share in the Gyeongnam region, are flourishing. If nuclear power industry exports become visible, it will be an even more positive signal for the Changwon economy," adding, "We will continue to consider and prepare policies on what needs to be done to further expand production and exports and how it will affect the livelihood economy."
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