Despite the Semiconductor Shortage, Car Export Growth Continues Thanks to the Base Effect

Korea Customs Service, Export and Import Status from April 1 to 20

Total Export Value $33 Billion... Up 45.4% Compared to Same Period Last Year
Passenger Cars 54.9%·Semiconductors 38.2% Increase

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] It has been revealed that automobile exports from the beginning of this month to the 20th increased by more than 50% compared to the same period last year. Despite supply disruptions in vehicle semiconductors, the base effect from last year's sharp decline in export volume has amplified the growth rate.

On the 21st, the Korea Customs Service announced that export value from April 1 to 20 was $31 billion, an increase of 45.4% ($9.68 billion) compared to the same period last year. If this trend continues, the growth that began in November last year is likely to continue for six consecutive months.

The number of working days increased from 14.5 days during April 1-20 last year to 15.5 days in the same period this year, one day more. Considering this, the average daily export value rose by 36.0%, from $1.47 billion to $2 billion.

By item, semiconductors (38.2%), passenger cars (54.9%), petroleum products (81.6%), wireless communication devices (68.0%), automobile parts (81.6%), and precision instruments (35.0%) increased compared to the same period last year.

In the case of passenger cars, the growth rate became steeper than the 29.8% increase from April 1-10. Regarding this, an industry insider said, "There are negative impacts such as some factories halting operations due to instability in vehicle semiconductor supply," but added, "However, since automobile export value was low in April last year, the base effect seems to have boosted the export growth rate from April 1 to 20 this year." In fact, automobile export value in April last year was $2.391 billion, which was 36.3% lower than April 2019 ($3.752 billion).

Exports to major countries also continued to increase. China (35.8%), the United States (39.4%), the European Union (EU, 63.0%), Vietnam (63.8%), and Japan (21.3%) increased, while the Middle East (-3.2%) decreased.

Imports from April 1 to 20 amounted to $33 billion, up 31.3% ($7.87 billion). Compared to the same period last year, crude oil (80.2%), semiconductors (17.3%), machinery (10.4%), petroleum products (126.2%), and precision instruments (16.7%) increased, while gas (-7.5%) decreased. By country, imports increased from China (17.3%), the United States (32.9%), the EU (23.7%), the Middle East (54.4%), Japan (24.1%), Australia (45.5%), and Vietnam (31.8%).