April 1-10 Exports Up 3.0%... Trade Balance Deficit of $3.52 Billion (Update)

Reference photo_Pyeongtaek Port container. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Sejong=Reporter Dongwoo Lee] From the beginning of April to the 10th, export value increased by 3.0% compared to the same period last year. During this period, the trade balance, calculated as exports minus imports, recorded a deficit of 3.519 billion dollars.

The Korea Customs Service announced on the 11th that the export value (provisional customs clearance basis) from the 1st to the 10th was 15.336 billion dollars, a 3.0% increase compared to the same period last year. The number of working days during this period was 7, one day less than last year.

Considering the number of working days, the average daily export value increased by 17.7%.

Looking at the export status of major items without considering the number of working days, semiconductors (14.2%), petroleum products (97.0%), and computer peripherals (22.5%) increased compared to last year. On the other hand, exports of passenger cars (-13.1%) and wireless communication devices (-10.3%) decreased.

By trading partner, exports increased to the United States (4.0%), Vietnam (15.2%), the European Union (2.9%), and Taiwan (4.1%), while exports to China (-3.4%) and Japan (-11.2%) decreased.

During the same period, import value was recorded at 18.854 billion dollars, a 12.8% increase compared to the same period last year.

By item, import values increased significantly in crude oil (43.0%), semiconductors (8.0%), especially gas (141.6%), and petroleum products (71.6%). On the other hand, imports of machinery (-11.6%) and passenger cars (-0.9%) decreased.

By trading partner, imports increased from the European Union (17.5%), Saudi Arabia (62.9%), and Taiwan (13.4%). However, imports from China (-3.7%), the United States (-10.8%), and Japan (-4.7%) decreased.

During this period, the trade deficit was 3.519 billion dollars, which is a larger deficit compared to the same period last year (1.814 billion dollars deficit).