Exports Continue Upward Trend... 3.2% Increase Until the 10th of This Month (Update)

Korea Customs Service, Export and Import Status from November 1 to 10

Exports started the month on an upward trend. If exports maintain this increase throughout November, it will mark two consecutive months of growth following last month's positive turnaround after 13 months of decline.

According to the Korea Customs Service on the 13th, export value from the 1st to the 10th of this month reached $18.2 billion, a 3.2% increase compared to the same period last year. The number of working days was 8.5, the same as the previous year. Considering this, the average daily export value rose by 3.2% to $2.15 billion.

By product category, semiconductor exports increased by 1.3% compared to the same period last year. Passenger cars (37.2%), wireless communication devices (4.1%), precision instruments (17.1%), and home appliances (16.9%) also saw export growth. On the other hand, exports of petroleum products (-9.2%), steel products (-5.7%), automobile parts (-6.4%), computer peripherals (-17.6%), and ships (-67.1%) declined.

By country, exports to the United States (23.0%), Vietnam (7.6%), and Japan (26.9%) increased, while those to China (-0.1%), the European Union (EU, -5.0%), and Malaysia (-1.6%) decreased.

Imports through the 10th of this month amounted to $20 billion, a 1.2% increase compared to the same period last year. Crude oil (39.5%) and petroleum products (36.8%) imports rose, whereas semiconductors (-3.7%), gas (-4.7%), and passenger cars (-34.5%) decreased. Imports from major countries increased from the United States (11.4%), the EU (1.1%), and Saudi Arabia (38.3%), but decreased from China (-2.9%) and Japan (-11.8%).

The trade balance showed a deficit of $1.741 billion, narrowing by $3.65 billion compared to the deficit of $5.391 billion from the 1st to the 10th of last month. Reflecting the deficit through the 10th of this month, the cumulative trade deficit for this year stands at $19.852 billion.