Export Boom Continues in September... Positive Signal of 11 Consecutive Months of Growth

Semiconductors Up 7.7%, Petroleum Products Up 95.0%, Passenger Cars Up 9.4%

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] The export boom, which has been setting record highs every month, continues into September. As of the 20th of this month, exports have increased by more than 20%, and if this trend continues, the growth that began in November last year is likely to continue for 11 consecutive months.

According to the Korea Customs Service on the 26th, export value from September 1 to 20 reached $36.1 billion, a 22.9% ($6.71 billion) increase compared to the same period last year. Reflecting this, the cumulative annual export value rose to $447.9 billion, up 27.2% ($95.8 billion) from the previous year.

The number of working days this month is 14.5, one day less than the same period last year (15.5 days). Considering this, the average daily export value was $2.49 billion, a 31.3% increase compared to $1.89 billion in the same period last year.

Exports of all major items increased except for ships (-54.1%). Compared to the same period last year, semiconductors (7.7%), petroleum products (95.0%), passenger cars (9.4%), wireless communication devices (19.6%), and automobile parts (13.1%) all increased. By country, exports increased to China (19.7%), the United States (24.9%), the European Union (EU, 34.2%), Vietnam (8.2%), Japan (33.6%), and Taiwan (52.6%).

Imports from September 1 to 20 amounted to $35.0 billion, up 38.8% ($9.77 billion). The cumulative annual import value also rose to $425.5 billion, an increase of 29.0% ($95.77 billion). Compared to the same period last year, crude oil (85.3%), semiconductors (15.8%), petroleum products (241.8%), and gas (170.3%) increased, while wireless communication devices (-1.7%) and passenger cars (-19.2%) decreased. Among major countries, imports from China (25.0%), the United States (27.5%), the EU (18.8%), Japan (27.3%), and Australia (128.4%) increased, while those from Vietnam (-5.9%) decreased.

The trade balance from September 1 to 20 recorded a surplus of $1.117 billion. The surplus amount decreased by $3.061 billion compared to the same period last year ($4.178 billion).

Meanwhile, exports in August this year reached $53.23 billion, a 34.9% increase compared to the same period last year. Accordingly, the cumulative export value from January to August this year was $411.9 billion, marking the fastest time ever to surpass $400 billion.