Korea Customs Service, Export and Import Status from October 1 to October 10
Exports started the month on a declining trend from the 1st to the 10th. However, the average daily export value increased by more than 9% to $2.57 billion.
According to the export-import status from October 1 to 10 announced by the Korea Customs Service on the 11th, export value was $11.6 billion, down 1.7% (-$200 million) compared to the same period last year.
Considering the number of working days, the average daily export value rose 9.2% to $2.57 billion. The number of working days from the 1st to the 10th this month was 4.5 days, 0.5 days fewer than the same period last year.
Among the top 10 export items, exports increased in four categories: petroleum products (45.2%), passenger cars (14.7%), computer peripherals (14.7%), and home appliances (8.5%). On the other hand, exports decreased in six categories including semiconductors (-5.4%), steel products (-6.5%), wireless communication devices (-4.1%), and ships (-50.7%).
By country, exports to the United States (14.7%) and Japan (12.3%) increased, while exports to China (-4.2%), Vietnam (-0.9%), and the European Union (EU, -27.3%) decreased.
Imports through the 10th of this month amounted to $16.9 billion, up 8.4% ($1.31 billion). Imports of crude oil (7.0%) and semiconductors (21.3%) increased, while imports of gas (-21.2%) and wireless communication devices (-1.7%) decreased. Energy imports including crude oil, gas, and coal fell by 3.7%. Regarding major countries, imports from China (14.8%), the United States (20.6%), and Japan (1.1%) increased, while imports from the EU (-3.2%) decreased.
The trade balance recorded a deficit of $5.343 billion. Including this, the cumulative trade deficit for this year reached $25.03 billion.
The government expects overall exports for October to show an increasing trend. On the previous day, Moon Sung-kyu, Minister of Trade, Industry and Energy, stated at the National Assembly audit, "September exports showed a slowdown in the decline, and semiconductor prices are expected to rise in the future, so we anticipate a positive turnaround in exports during the fourth quarter of this year." He added, "We will successfully promote nine major export expansion projects such as electric vehicles and hydrogen plants to achieve a positive export turnaround this year and lay the foundation for revitalizing exports next year."
On the 27th of last month, cars were waiting to be shipped at Pyeongtaek Port, viewed from the air. [Aerial shooting cooperation = Seoul Metropolitan Police Agency Aviation Unit, Pilots: Lieutenant Shin Seung-ho - Lieutenant Park Ji-hwan, Crew: Lieutenant Park Sang-jin] Photo by Kang Jin-hyung aymsdream@
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