Gwangju and Jeonnam Trade Balance on the Rise, but Exports and Imports Still Declining

Trade Surplus Reaches $1.4 Billion in May
Cumulative Surplus from January to May Down 23%

Although the trade balance of Gwangju and Jeonnam has been trending upward this year, it still falls short of last year's level of economic recovery.

According to the "May Export and Import Trends" report released by the Gwangju Main Customs Office on June 16, exports from Gwangju and Jeonnam totaled $5.08 billion in May, a decrease of 11.0% compared to the same month last year. Imports amounted to $3.56 billion, down 18.9%. As a result, the trade balance recorded a surplus of $1.448 billion.

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For the cumulative period from January to May, exports reached $23.905 billion, down 13.6% from the same period last year, while imports totaled $18.45 billion, a decrease of 10.3%. The trade surplus stood at $5.455 billion, which is a 23.1% decline year-on-year.

In May, Gwangju's exports reached $1.597 billion, an increase of 11.3%, and imports rose by 16.0% to $703 million. Export growth was driven by machinery (47.7%), semiconductors (26.6%), and transportation equipment (10.8%), while home appliances (41.3%) and tires (8.2%) declined. Imports increased across most categories.

Jeonnam's exports in May totaled $3.411 billion, a decrease of 18.7%, and imports fell by 24.4% to $2.857 billion. Only machinery exports increased, while chemical products, petroleum products, transportation equipment, and steel products all declined. Imports also decreased across most categories, including petroleum products, iron ore, crude oil, and coal.