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

Korea Customs Service Export-Import Status from May 1 to 20
Daily Average Exports Increase by 17.7%
Positive Growth Expected for 8 Consecutive Months

Exports increased by 1.5% by the 20th of this month despite a shortage of working days, raising the likelihood that the export growth trend will continue in May. The government expects a double-digit growth rate for the entire month, driven by strong exports of key items such as semiconductors and automobiles.

According to the 'Export-Import Status from May 1 to 20' announced by the Korea Customs Service on the 21st, export value reached $32.7 billion, up 1.5% compared to the same period last year.

The number of working days from the 1st to the 20th of this month was 12.5 days, two days fewer than the 14.5 days in the same period last year. Considering this, the average daily export value was $2.62 billion, a 17.7% increase compared to the same period last year. If this trend continues, the export growth that began in October last year will extend for eight consecutive months.

Export containers are loaded onto a ship at Busan North Port. Photo by Jin-Hyung Kang aymsdream@

Among major items, exports of semiconductors (45.5%), petroleum products (1.9%), ships (155.8%), and computer peripherals (24.8%) increased compared to the same period last year. However, exports of passenger cars (-4.2%), steel products (-18.3%), automobile parts (-17.3%), and wireless communication devices (-9.0%) declined.

Among the top 10 major countries, exports increased to eight countries including China (1.3%), the United States (6.3%), Vietnam (10.5%), Singapore (40.8%), and India (15.7%), except for the European Union (EU, -11.8%) and Japan (-4.8%).

Imports amounted to $33.1 billion by the 20th of this month, down 9.8% compared to the same period last year. Imports of semiconductors (7.0%) and petroleum products (15.1%) increased, but imports of crude oil (-4.2%), gas (-7.1%), machinery (-21.1%), and semiconductor manufacturing equipment (-11.7%) decreased. Energy imports including crude oil, gas, and coal also fell by 10.1%.

By major countries, imports decreased from eight countries except for the United States (1.1%) and Taiwan (22.1%). Imports from China (-8.3%), the EU (-14.1%), Japan (-9.5%), Australia (-18.3%), and Russia (-52.3%) declined.

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.

Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, said, "Exports increased by 1.5% by the 20th of this month despite two fewer working days, maintaining a solid upward momentum. We expect exports this month to record double-digit growth again, with most items such as semiconductors, automobiles, and shipbuilding showing steady increases. We also anticipate the trade balance to continue improving toward the end of the month."