Corona Shock... Export and Import Both Decrease by Over 10% from 1st to 20th of This Month (Update)

July 21 Korea Customs Service Announces 'Export-Import Status from July 1 to 20'
Exports $24.6 Billion...Passenger Cars Down 14.0%, Petroleum Products Down 41.6%

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] As the global pandemic of the novel coronavirus infection (COVID-19) continues, both our exports and imports have decreased by more than 10%. From the 1st to the 20th of this month, exports fell by 12.8% and imports by 13.7% compared to the same period last year.

According to the export-import status announced by the Korea Customs Service on the 21st for the period from the 1st to the 20th of this month, our exports recorded $24.6 billion, down 12.8% ($3.6 billion) from the same period last year. Imports during the same period were $24.8 billion, down 13.7% ($3.93 billion) from last year. As a result, the trade balance recorded a deficit of $15 million.

During this period, the number of working days was 15.5 days, one day less than last year. Considering the number of working days, the average daily export amount was $1.59 billion, a 7.1% decrease from last year.

Looking at major export items, compared to the same period last year, ships (48.1%) and computer peripherals (56.9%) increased, while semiconductors (-1.7%), passenger cars (-14.0%), and petroleum products (-41.6%) decreased.

By country, exports decreased in most countries including China (-0.8%), the United States (-2.4%), Vietnam (-9.9%), the European Union (EU, -11.9%), Japan (-21.9%), and the Middle East (-40.0%).

Unlike China, which is recovering from the COVID-19 shock, the export decline was significant mainly in countries where the spread has not stopped, such as Japan and the Middle East. Iran, the COVID-19 epicenter in the Middle East, has recently recorded around 2,500 new daily confirmed cases.

From the 1st to the 20th of this month, our imports were $24.8 billion, down 13.7% ($3.93 billion) from last year.

By import item, semiconductors (2.2%), semiconductor manufacturing equipment (131.6%), and wireless communication devices (14.3%) increased, but crude oil (-43.9%), machinery (-5.6%), and precision instruments (-4.5%) decreased.

By country, imports decreased in major countries including China (-4.4%), the EU (-4.0%), the United States (-21.1%), Japan (-11.8%), the Middle East (-34.5%), and Vietnam (-1.0%).

Meanwhile, from January 1 to July 20 this year, cumulative exports amounted to $265.3 billion and imports to $254.6 billion. Compared to the same period last year, exports decreased by 11.4% ($34.1 billion) and imports by 9.5% ($26.7 billion).