Strong Double-Digit Start for New Year Exports... 11.2% Increase Shows Positive Trend (Comprehensive)

Customs Service, Export-Import Status from January 1 to 10
Export Value $15.4 Billion by the 10th
Semiconductors 26% · Petroleum Products 20%
Exports Increase Driving Overall Growth

Exports started the new year on a strong note, increasing by more than 11%. Semiconductor and petroleum product exports rose by over 20%, driving the export growth trend. The government expects the export growth momentum to continue this month as well.

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.

The number of working days until the 10th of this month was 7.5, the same as the same period last year. Considering this, the average daily export value also increased by 11.2%, from $1.85 billion last year to $2.06 billion this year.

Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry and Energy, said, "Our exports started the new year with a strong double-digit increase," adding, "With strong performances in semiconductors, automobiles, and shipbuilding, the upward export trend since last October is expected to continue this month."

Among the top 10 major export items, eight items increased except for wireless communication devices (-22.0%) and precision instruments (-1.8%). Semiconductors and petroleum products led the export growth, increasing by 25.6% and 20.1%, respectively. Additionally, exports of passenger cars (2.2%), steel products (5.9%), ships (182.9%), and computer peripherals (15.8%) also rose.

By country, exports to China (10.1%), the United States (15.3%), and the European Union (EU, 16.2%) increased, with these countries accounting for 48.8% of total exports. Conversely, exports to Vietnam (-4.6%) and Malaysia (-27.1%) decreased.

Imports until the 10th of this month amounted to $18.5 billion, down 8.3% ($1.67 billion) compared to the same period last year. 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 declined by 14.1%. By country, imports from Vietnam (10.9%) and Malaysia (12.6%) increased, whereas imports from China (-9.9%), the United States (-19.1%), and the EU (-12.0%) decreased.

The trade balance recorded a deficit of $3 billion. The Ministry of Trade, Industry and Energy noted that imports tend to be relatively high at the beginning of the year and predicted that the trade balance will improve toward the end of the month.

The government's export target for this year is $700 billion, an increase of $67.3 billion (10.6%) from last year ($632.7 billion). To achieve this, the government plans to supply a record-high trade finance amount of 355 trillion won this year. Additionally, it will strengthen customized support for export companies by establishing a preferential guarantee program worth 2 trillion won and concentrate marketing support budgets, such as for overseas exhibitions, to about two-thirds of the annual budget in the first half of the year.