▲ export.

Despite the weak Yen and the slowdown of the European market, the trade balance of Chungnam marked a notable improvement thanks to strong export.

According to trade statistics (Korea International Trade Association) compiled by the Chungnam provincial government, Chungnam's trade balance in the first quarter (January to March) of this year recorded 7.05 billion dollars in surplus, up by 1.21 billion dollars from 5.84 billion dollars last year.

Total export volume of the country, however, posted a mere 0.5 percent increase by 619 million dollars from 134.846 billion dollars last year to 135.465 billion dollars this year, a possible indication that Chungnam is a major contributor to the nation's trade surplus.

Chungnam's trade surplus is attributed to the export performance of the first quarter which went up by 1.385 billion dollars (9.5%) from 14.526 billion dollars year on year. With its trade surplus far greater than that of the entire country (5.781 billion dollars), Chungnam is seen as one of the nation's export powerhouses, ranking 2nd after Gyeongbuk Province in the volume of trade surplus.

Chungnam's strong export, amid the turbulent global economy, is explained by the success of strategic market diversification for its major export items including flat-panel display, computer and petrochemical products.

Of them all, wireless telecommunication devices posted the largest increase by 636.4 percent from 56 million dollars last year to 413 million dollars this year. The export of petrochemical intermediates rose by 118 percent from 434 million dollars to 945 million dollars.

The figure for flat-panel displays and automotive parts went up by 20.8 percent (from 2.519 billion dollars to 3.042 billion dollars) and 19.9 percent (from 489 million dollars to 587 million dollars) respectively.

Export to the emerging markets, in particular, was most prominent; the export of wireless telecommunication devices to Hong Kong increased by 2,774.7 percent, while it went up by 630.6 percent and 534.2 percent in China and Vietnam respectively. The export of flat-panel displays to Malaysia and Vietnam went up by 1,196.2 percent and 302.6 percent respectively.

Export to China (18.8%), the United States (4.3%), Slovakia (90.7%), Taiwan (10.0%) and Vietnam (12.0%) posted substantial increase, whereas export to Japan declined by 6.7 percent due to the weak Yen. As for export volume, China remained in the top spot, with 6.928 billion dollars.

A Chungnam government official said that "The second quarter is expected to see even stronger export, thanks to the recovery of the global economy. If the weak Yen continues, however, there are concerns over the price competitiveness of our major export items", adding that "The provincial government will continue to support export SMEs and help market diversification, by operating a trade delegation scheme and assisting participants in specialized trade fairs. Despite the weak Yen and the slowdown of the European market, the trade balance of Chungnam marked a notable improvement thanks to strong export.

According to trade statistics (Korea International Trade Association) compiled by the Chungnam provincial government, Chungnam's trade balance in the first quarter (January to March) of this year recorded 7.05 billion dollars in surplus, up by 1.21 billion dollars from 5.84 billion dollars last year.

Total export volume of the country, however, posted a mere 0.5 percent increase by 619 million dollars from 134.846 billion dollars last year to 135.465 billion dollars this year, a possible indication that Chungnam is a major contributor to the nation's trade surplus.

Chungnam's trade surplus is attributed to the export performance of the first quarter which went up by 1.385 billion dollars (9.5%) from 14.526 billion dollars year on year. With its trade surplus far greater than that of the entire country (5.781 billion dollars), Chungnam is seen as one of the nation's export powerhouses, ranking 2nd after Gyeongbuk Province in the volume of trade surplus.

Chungnam's strong export, amid the turbulent global economy, is explained by the success of strategic market diversification for its major export items including flat-panel display, computer and petrochemical products.

Of them all, wireless telecommunication devices posted the largest increase by 636.4 percent from 56 million dollars last year to 413 million dollars this year. The export of petrochemical intermediates rose by 118 percent from 434 million dollars to 945 million dollars.

The figure for flat-panel displays and automotive parts went up by 20.8 percent (from 2.519 billion dollars to 3.042 billion dollars) and 19.9 percent (from 489 million dollars to 587 million dollars) respectively.

Export to the emerging markets, in particular, was most prominent; the export of wireless telecommunication devices to Hong Kong increased by 2,774.7 percent, while it went up by 630.6 percent and 534.2 percent in China and Vietnam respectively. The export of flat-panel displays to Malaysia and Vietnam went up by 1,196.2 percent and 302.6 percent respectively.

Export to China (18.8%), the United States (4.3%), Slovakia (90.7%), Taiwan (10.0%) and Vietnam (12.0%) posted substantial increase, whereas export to Japan declined by 6.7 percent due to the weak Yen. As for export volume, China remained in the top spot, with 6.928 billion dollars.

A Chungnam government official said that "The second quarter is expected to see even stronger export, thanks to the recovery of the global economy. If the weak Yen continues, however, there are concerns over the price competitiveness of our major export items", adding that "The provincial government will continue to support export SMEs and help market diversification, by operating a trade delegation scheme and assisting participants in specialized trade fairs.