Exports up 11.1% by the 20th of this month... "Will achieve positive growth for 7 consecutive months" (Update)

Korea Customs Service, Export and Import Status from April 1 to 20

Exports increased by more than 11% from the 1st to the 20th of this month, raising the possibility of achieving positive monthly results for April.

The Korea Customs Service announced on the 22nd that export value from April 1 to 20 reached $35.8 billion, up 11.1% compared to the same period last year.

The number of working days was 15.5, the same as the same period last year. Considering this, the average daily export value increased by 11.1% to $2.31 billion.

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

By major export items, semiconductors (43.0%), passenger cars (12.8%), petroleum products (14.8%), and precision instruments (6.2%) increased compared to the same period last year. Steel products (-2.5%) and automobile parts (-0.9%) decreased.

By country, exports to the United States (22.8%), China (9.0%), Vietnam (26.6%), and Japan (22.1%) increased, while exports to the European Union (EU, -14.2%) decreased.

Imports amounted to $38.5 billion, up 6.1% compared to the same period last year. Crude oil (43.0%), semiconductors (18.2%), gas (9.9%), and machinery (5.0%) increased, but passenger cars (-12.4%) decreased. Energy imports including crude oil, gas, and coal rose by 24.8%. Imports from major countries increased from the United States (14.9%) and Saudi Arabia (41.5%), but decreased from China (-0.3%), the EU (-12.7%), and Japan (-0.3%).

The trade balance from April 1 to 20 recorded a deficit of $2.6 billion. Including this, the cumulative trade balance for this year showed a surplus of $6.397 billion.

Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry and Energy, said, "Exports have shown a solid trend with double-digit growth until the 20th, driven by strong performance in semiconductors, automobiles, and petroleum products. It is expected that exports will achieve positive growth for the seventh consecutive month this month, and the trade balance will turn to a surplus by the end of the month."