CHANGWON — South Gyeongsang Province posted cumulative exports of $29.95 billion in the first eight months of this year, up 0.7% from a year earlier. Its trade surplus stood at $12.7 billion, extending a run of surpluses to 47 consecutive months. Exports in August alone, however, fell 5.1% year-on-year to $3.16 billion.
The provincial government said on the 17th that imports in August rose 1.6% to $2.11 billion and the trade surplus came to $1.05 billion, according to August trade data released on the 16th by the Korea International Trade Association.
By product, passenger car exports rose 18.4% from a year earlier. Weapons shipments surged 1,142% and aircraft parts gained 11.2%.
Passenger car exports totaled $250 million despite protectionism in the United States and other major markets, including America-first trade policies. Weapons exports reached $160 million as defense deliveries got under way in earnest.
The province said it will concentrate support for overseas marketing in the second half to help local small and midsize companies enter emerging and promising markets in Eastern Europe and Southeast Asia, diversify their export destinations and secure a stable export base.
It plans to draw up a 2027 export support plan later this year to respond to shifts in the trade environment, and to strengthen tailored export assistance next year based on demand from small and midsize firms in the province.
"Even under difficult trade conditions, including the realignment of global supply chains and the spread of protectionism, Gyeongnam's exports are maintaining growth on a cumulative basis and a trade surplus," said Kim In-soo, director general of the province's economy and trade bureau. "We will do our best to raise the export competitiveness of small and midsize companies in the province by diversifying export markets through the development of emerging and promising markets and by building a stable export base."
