Korea Customs Service Announces Export-Import Status from 1st to 20th of This Month
Semiconductors Up 25.3%, Passenger Cars Up 38.8%
Two More Working Days... Daily Average Exports Down 9.8%
[Asia Economy Reporter Kim Bo-kyung] Exports from January 1 to 20 this month turned positive for the first time in six months due to a rebound in semiconductor and automobile exports. However, the average daily export value, excluding the effect of working days, still recorded a negative growth of -9.8% due to the impact of the novel coronavirus disease (COVID-19).
According to the 'Export and Import Status from September 1 to 20' announced by the Korea Customs Service on the 21st, exports during this period amounted to $29.6 billion, an increase of 3.6% ($1.02 billion) compared to the same period last year. This is the first time in six months since March (10.0%) that the export value from the 1st to the 20th of the month has increased, as announced monthly by the Korea Customs Service.
By export item, semiconductors (25.3%), passenger cars (38.8%), and precision instruments (14.7%) increased, while wireless communication devices (-9.1%), petroleum products (-45.6%), and ships (-26.5%) decreased.
By country, exports to China (8.7%), the United States (16.1%), Vietnam (5.8%), and the European Union (EU, 9.6%) increased, but exports to Japan (-18.5%) and the Middle East (-12.2%) decreased.
During this period, the number of working days was 15.5, two days more than last year. The average daily export value, considering the number of working days, was $1.91 billion, down 9.8% (about $200 million) from last year. This is analyzed to be due to domestic and international adverse factors such as economic slowdown and weak demand caused by the spread of COVID-19.
Imports from the 1st to the 20th of this month amounted to $25.1 billion, down 6.8% ($1.83 billion) compared to the same period last year. As a result, the trade balance recorded a surplus of $4.472 billion.
Looking at major import items, semiconductors (12.6%), machinery (6.8%), and passenger cars (29.5%) increased, while crude oil (-29.2%), precision instruments (-1.7%), and gas (-39.0%) decreased.
By country, imports from China (2.5%), the EU (7.1%), and Australia (6.0%) increased, but imports from the United States (-5.3%), Japan (-10.3%), the Middle East (-40.7%), and Vietnam (-14.6%) decreased.
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