KCS Export-Import Status from April 1-20
April Monthly Exports Confirmed Positive
KITA "Global Export Recovery Phase"
Exports increased by more than 11% from the 1st to the 20th of this month, and overall growth is expected for April. If this continues, the 'export plus' trend that began in October last year will extend to seven consecutive months. The government and trade industry analyze that the recent instability in the Middle East will have a limited negative impact on South Korean exports, but they are closely monitoring the situation.
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 last year. Considering this, the average daily export value also increased by 11.1% to $2.31 billion.
Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, said, "Exports until the 20th showed a solid trend with double-digit growth driven by strong performance in semiconductors, automobiles, and petroleum products," adding, "It is certain that the export plus will be achieved for the seventh consecutive month this month, and the trade balance is expected to turn positive by the end of the month."
Among the top 10 major export items, seven items increased except for steel products (-2.5%), automobile parts (-0.9%), and ships (-16.7%). Exports of semiconductors (43.0%), passenger cars (12.8%), petroleum products (14.8%), precision instruments (6.2%), computer peripherals (60.9%), and home appliances (28.3%) increased.
By country, exports increased to the United States (22.8%), China (9.0%), Vietnam (26.6%), and Japan (22.1%), while exports to the European Union (EU, -14.2%) decreased.
Export containers are being loaded onto a ship at Busan North Port. Photo by Jinhyung Kang aymsdream@
Imports amounted to $38.5 billion, up 6.1% compared to the same period last year. Imports of crude oil (43.0%), semiconductors (18.2%), gas (9.9%), and machinery (5.0%) increased, while 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.
Due to heightened uncertainty in the Middle East following the Israel-Iran situation, the government is strengthening monitoring and closely watching external factors affecting the South Korean economy. However, the impact on South Korean industries such as oil and gas supply, exports and imports, and supply chains is still considered limited.
The Korea International Trade Association (KITA) stated that although high oil prices could negatively affect the trade balance, South Korean exports are expected to continue growing due to the global export recovery.
Jang Sang-sik, Head of the Trend Analysis Office at KITA, said, "Since South Korea depends on imports for energy, rising oil prices inevitably increase import costs, negatively impacting the trade balance. However, as the global economy enters an export recovery phase driven by IT market recovery, South Korean exports are also expected to continue their upward trend."
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