Changwon's Exports Reach Highest Level Since 2012
Transport Machinery Drives Export Growth
The Changwon Chamber of Commerce and Industry in Gyeongnam conducted a 2024 export-import trend survey for the Changwon area based on export-import statistics from the Korea International Trade Association on the 12th and announced the results.
The export value of Changwon City in 2024 increased by 11.8% compared to the same period last year to $22,793.29 million, imports rose by 2.3% to $5,961.31 million, making the total trade volume $28,754.59 million, an increase of 9.7%. The trade surplus recorded $16,831.98 million, up 15.6% from the previous year.
The increase in Changwon’s export performance was led by ‘transport machinery (excluding shipbuilding)’ and ‘electronic devices,’ which became the main export items starting last year. On the other hand, ‘industrial machinery’ saw a decline in export value to major export countries such as the United States, Belgium, and Italy. The ‘basic industrial machinery’ category experienced decreased exports to the United States, Mexico, and Saudi Arabia. ‘Home electronic products’ also saw a decline in exports to the United States, Mexico, and Taiwan.
Looking at the year-on-year export value changes by industry in Changwon City, ‘electronic devices’ (+22.8%), ‘transport machinery (excluding shipbuilding)’ (+17.6%), ‘machine elements, tools, and molds’ (+3.1%), and ‘steel products’ (+1.5%) increased, while ‘industrial machinery’ (-15.8%), ‘basic industrial machinery’ (-9.5%), and ‘home electronic products’ (-9.1%) decreased.
Regarding 2024 export performance by processing stage in Changwon City, intermediate goods exports amounted to $6,949.78 million, accounting for 30.5% of total exports. This represents a 1.0% decrease compared to the previous year. Capital goods exports were $8,061.66 million, making up 35.4% of the total, down 3.1% from the previous year.
Looking at import performance, intermediate goods imports were $4,088.20 million, accounting for 68.6% of total imports, a 0.4% increase from the previous year. In contrast, capital goods imports were $1,250.32 million, representing 21.0% of the total, up 9.9% year-on-year. Primary product imports were $216.04 million, down 23.7% from the previous year. The decline is mainly attributed to reduced volume due to rising aluminum prices.
The major trading partners of Changwon City in 2024 are the United States (total trade volume $9,259.19 million), China ($3,162.58 million), Poland ($2,755.28 million), Japan ($1,313.41 million), and Germany ($1,072.54 million).
Changwon’s largest trading partner and a country with a trade surplus is the United States, to which $8,103.8 million (-0.16%) was exported and $1,158.81 million (+16.19%) was imported, resulting in a trade surplus of $6,941.56 million.
To the second largest trading partner, China, $1,843.55 million (+11.75%) was exported and $1,319.03 million (-0.15%) was imported, recording a trade surplus of $524.52 million.
A representative from Changwon Chamber of Commerce and Industry stated, “The export value of the Changwon area reached its highest level since 2012, driven by strong exports of electrical equipment and transport machinery. Among local governments including metropolitan cities, it recorded the fifth highest trade surplus. The continued strong exports of passenger cars to North America by local completed car manufacturers, as well as increased exports from railway vehicle and defense companies and the shipbuilding industry following last year, contributed to sustaining the upward trend in export value.”
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