Chungcheongnam-do (Chungnam) recorded trade surplus during the second half of 2014, which suggests bright economic prospects for next year. Expanding export routes to the ASEAN regions played a major role to achieve the stable trade surplus.

The Chungnam regions’ exports reached US$536,300 million in July only. The total accumulated exports this year reached US$3,713,500 million. Compared to the previous year’s exports valuing at US$3,653,900 million, there was 1.6% increase.

Despite the decrease of exports to China, it was possible for Chungnam to see the export increase because they effectively diversified the export markets to ASEAN regions.

The gross imports of Chungnam until July are US$19,230,000,000 which dropped 3.4% (US$678,000,000) from this time last year. This data shows that Chungnam recorded a US$17,905,000,000 export surplus, which shows a US$1,274,000,000 increase.

Chungnam ranked the second in the nation with the size of export surplus. Chungnam owes its success in exports to an increase in exports of IT items such as semiconductors and computers to ASEAN regions (Singapore, 128.5%, Malaysia, 40.4%, Vietnam, 17.8%).

The portion of exports to ASEAN regions recorded 9.0% from January to July last year, rising all the way to 27.8% during this year alone. During the same periods, exports to EU regions also showed a recovery trend. On the other hand, exports to China have fallen as of the 4th quarter of last year.

As the trend shows the huge decline possibility, it needs to be monitored cautiously. Exports to China amounted to 45.1% (US$16,762,000,000), those to Hong Kong constituted 12.0% (US$4,273,000,000). The U.S. ranked the third with 7.3% (US$2,699,000,000).

This positive export trend is expected to continue rising with exports from Cheonan city and Asan City of Chungnam in September with the prospect to record the highest surplus ever.

For this reason, Chungnam plans to continuously intensify its overseas marketing efforts by devoting all kinds of supports and diversifying the export markets.