Chungbuk Exports Extend 30-Month Gain, Fueled by Semiconductors

Chungbuk Province's regional exports, amidst a weakening overall growth trend, have been led by semiconductors, which have seen a 30-month consecutive increase, driving regional economic expansion. In May, total exports from the Chungbuk region reached $3.23 billion, a 4.5% increase compared to the same month last year, though recent export trends show some signs of slowdown. Semiconductor exports grew 5.5% year-on-year, continuing their 30-month streak of net increases. However, exports of machinery and precision equipment decreased by 18.5%, impacting the overall slowdown in export growth. While other electrical and electronic products (up 56.6%) and other organic and inorganic compounds (up 17.9%) saw increases, imports of direct consumer goods (-38.3%) decreased.

During the same period, Chungbuk Province's trade balance recorded a surplus of $2.49 billion. Imports were tallied at $740 million, a 23.2% increase year-on-year. Notably, semiconductor imports surged by 136.8% in May compared to the same month last year, and imports of other inorganic compounds (10.3%) and other organic compounds (12.8%) also rose.

In terms of regional export performance, the top four municipalities and counties—Cheongju City, Jincheon County, Chungju City, and Eumseong County—accounted for 94.3% of Chungbuk's total exports. Cheongju City recorded the highest export value at $2.502 billion, followed by Jincheon County ($222 million), Chungju City ($170 million), and Eumseong County ($148 million). Cheongju City also had the highest import value at $259 million, followed by Jincheon County ($143 million), Chungju City ($129 million), and Eumseong County ($127 million).

Looking at national export performance, key markets such as China (32.8%), the United States (25.7%), and Hong Kong (65.7%) showed high growth rates. Positive trends were also observed in Vietnam (21.0%), Latin America (15.1%), the Middle East (20.6%), Canada (102.0%), and Singapore (35.4%). In contrast, Taiwan (-13.6%), the European Union (-21.6%), and Japan (-8.6%) experienced declines. Exports to Eastern Bloc countries (-50.3%) and the Commonwealth of Independent States (-29.0%) saw significant drops.