Export Boom Continues... Export Shows '7 Consecutive Months of Growth' Signal

April 1-10 Exports Increase by 21.6%

Export growth continues this month as well. The government expects exports to show an increasing trend throughout April. If exports continue to rise this month, the positive export record that began in October last year will extend to seven consecutive months.

According to the Korea Customs Service on the 14th, export value from April 1 to 10 reached $16.4 billion, a 21.6% increase compared to the same period last year.

The number of working days was 7.5, 0.5 days more than the 7 days in the same period last year. Considering this, the average daily export value was $2.19 billion, up 13.5% from the same period last year.

By item, exports increased compared to the same period last year in semiconductors (45.5%), passenger cars (8.6%), petroleum products (13.3%), automobile parts (27.2%), and wireless communication devices (10.5%).

Cargo containers are stacked at Pyeongtaek Port as seen 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@

Exports to major countries increased to the United States (37.4%), China (20.8%), the European Union (EU, 8.6%), and Vietnam (46.7%), while exports to Singapore (-25.9%) decreased.

Imports amounted to $18.4 billion, a 5.8% increase compared to the same period last year. Compared to the same period last year, imports of crude oil (19.2%), semiconductors (24.3%), machinery (22.1%), and petroleum products (6.1%) increased, while gas (-11.3%) decreased. By country, imports from China (14.0%), the United States (11.0%), and Japan (10.2%) increased, whereas imports from the European Union (-9.0%) and Australia (-2.2%) decreased.

The trade balance recorded a deficit of $2 billion. Accordingly, the cumulative trade balance from the beginning of this year to April 10 shows a surplus of $7.056 billion.

An official from the Ministry of Trade, Industry and Energy stated, "Exports increased by double digits up to the 10th, demonstrating that our export upward trend is becoming more solid." He added, "In April, the export upward trend and trade surplus momentum will gain further strength, supported by the full-scale improvement in the business conditions of IT items including semiconductors, and the rising exports of key items such as automobiles and ships."