Jeonju, South Korea – Jeonbuk Province has reported a significant 13.4% decrease in exports in November 2024 compared to the same period last year. This decline is attributed to a combination of the global economic downturn and the traditional off-season for many of the region's key exports.

According to the Jeonbuk Regional Office of the Korea International Trade Association, the province’s total exports in November amounted to $448.35 million. While imports increased by 1.2% to $409.9 million, the trade balance remained positive at $38.45 million.

Of the top 10 export items, only fine chemicals, processed agricultural products, and steel plates showed growth. Fine chemicals experienced increased exports to China (45.1%), the United States (20.1%), and the Netherlands (323.3%). Driven by the popularity of K-Food, processed agricultural products saw robust demand in China (48.7%), the Netherlands (496.8%), and the United States (19.5%). Steel plate exports surged to Portugal (785.9%), the United States (214.4%), India (162.4%), and Thailand (274.9%).

By country, the United States ($91.59 million), China ($85.69 million), Japan ($32.56 million), and Vietnam ($26.82 million) accounted for 52.8% of Jeonbuk’s total exports. Notably, several countries, including Vietnam (14.1%), India (47.7%), the Netherlands (113.8%), Thailand (11.6%), Mexico (15.7%), and Germany (66.3%), recorded double-digit growth rates.

"The decline in exports can be attributed to various factors, including the off-season for Jeonbuk's key exports such as agrochemicals, agricultural machinery, and construction machinery, as well as global economic uncertainties," said Park Jun-woo, head of the Jeonbuk Regional Office.

As of November, Jeonbuk Province accounted for 0.80% of South Korea's total exports, ranking 13th among the country's 17 provinces.