Busan is good

Busan’s Exports to Exceed $10 Billion This Year

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Busan-based companies’ annual exports are expected to hit a record high of $10 billion.  According to the Busan City government, total exports of local companies jumped to $8.19 billion as of October, up 24.9 percent from a year earlier.

At this rate, the city’s total exports are forecast to surpass $10 billion by the end of this year. This is largely attributable to the strong demand for shipbuilding and automobile-related equipment and materials and steel products. Robust shipbuilding industry and the increased exports of finished car also played a role.

 Exports growth rate has been accelerating this year as well. The rate was at 57 percent in January, 50.6 percent in April, 35.2 percent in July and 19.9 percent in October, far exceeding the national average of 13.8 percent. Busan’s exports have been on the rise from $4.8 billion in 2000 to $6.4 billion in 2004 and to $8.9 billion in 2006.

By item, transport machinery and steel products are in the best conditions: ships account for $1.48 billion, cast and forged steels for $600 million, automobile for $360 million and Zinc-coated steel sheeting for $300 billion.

By nation, China has the largest share with $12 billion exports, followed by Japan ($9.4 billion), the U.S. ($8.3 billion) and Singapore ($4.8 billion).

A total of 13 local companies (6 last year) reportedly achieved $100 million exports from January to October and an additional 104 achieved more than $10 million. Among the top 13 companies are Hanjin Heavy Industries Co. Ltd. which exported $840 million, and Renault Samsung, Samsung Electronics Co. Ltd., Union Steel and other 9 companies that reported their exports between $100 million to $500 million.