Despite Fewer Working Days... Export Up 1.5% Until the 20th of This Month (Update)

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

Exports increased by 1.5% until the 20th of this month. The upward trend was maintained despite the number of working days being 2 days fewer than the same period last year.

According to the export-import status from May 1 to 20 announced by the Korea Customs Service on the 21st, export value rose 1.5% year-on-year to $32.7 billion.

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

The number of working days was 12.5, 2 days less than 14.5 days in the same period last year. Considering this, the average daily export value was $2.62 billion, up 17.7% compared to the same period last year.

By item, exports increased for semiconductors (45.5%), petroleum products (1.9%), and ships (155.8%) compared to the same period last year. Exports decreased for passenger cars (-4.2%) and wireless communication devices (-9.0%).

By country, exports increased to China (1.3%), the United States (6.3%), and Vietnam (10.5%). Exports to the European Union (EU, -11.8%) and Japan (-4.8%) decreased.

Imports amounted to $33.1 billion, down 9.8% year-on-year. Imports of semiconductors (7.0%) and petroleum products (15.1%) increased, while imports of crude oil (-4.2%), gas (-7.1%), and machinery (-21.1%) decreased. Imports from major countries increased from the United States (1.1%) and Taiwan (22.1%), but decreased from China (-8.3%), the EU (-14.1%), and Japan (-9.5%).

The trade balance from May 1 to 20 recorded a deficit of $300 million. Including this, the cumulative annual trade surplus reached $10.231 billion.