Strong Start to New Year Export Growth... Up 11.2% Through the 10th (Update)

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

Exports increased by more than 11% through the 10th of this year, starting off on a strong note.

The Korea Customs Service announced on the 11th that export value from the 1st to the 10th of this month reached $15.4 billion, up 11.2% ($1.55 billion) compared to the same period last year.

Looking at major export items, semiconductors (25.6%), petroleum products (20.1%), and passenger cars (2.2%) increased. Wireless communication devices (-22.0%) and precision instruments (-1.8%) decreased.

Export containers are being loaded onto a ship at Busan North Port. Photo by Jinhyung Kang aymsdream@

By country, exports to China (10.1%), the United States (15.3%), and the European Union (EU, 16.2%) increased, while exports to Vietnam (-4.6%) and Malaysia (-27.1%) declined.

Imports through the 10th of this month amounted to $18.5 billion, down 8.3% ($1.67 billion) compared to the same period last year. The trade balance recorded a deficit of $3 billion. Imports of crude oil (19.0%) and petroleum products (11.8%) increased, while semiconductors (-3.4%), gas (-45.0%), and machinery (-3.2%) decreased. Energy imports including crude oil, gas, and coal also fell by 14.1%.