Average Daily Exports Up 11.2% This Month... "Export Growth and Trade Surplus to Continue"

The average daily export value until the 10th of this month increased by more than 10%. However, overall exports recorded a slight decline due to one fewer working day compared to the same period last year.

According to the Korea Customs Service on the 16th, export value from June 1 to 10 was $14.6 billion, down 4.7% from the same period last year.

The decrease in exports is largely due to the shortage of working days. The number of working days from the 1st to the 10th of this month was 6, one day less than the same period last year. Considering this, the average daily export value was $2.43 billion, an 11.2% increase compared to the same period last year.

Despite the shortage of working days, semiconductors (36.6%) and petroleum products (9.3%) showed growth. On the other hand, passenger cars (-18.9%), steel products (-12.0%), ships (-39.7%), and wireless communication devices (-1.0%) continued to decline.

By country, exports increased to the United States (10.2%), Vietnam (11.3%), and India (5.0%), while exports to China (-8.5%), the European Union (EU, -19.4%), and Japan (-13.8%) decreased.

The decline in imports was even steeper. Imports this month amounted to $15.4 billion, down 7.4% from the same period last year. Among the top 10 major items, imports decreased for seven items including machinery (-8.5%), semiconductor manufacturing equipment (-3.7%), and gas (-22.7%), except for crude oil (23.9%), semiconductors (10.6%), and petroleum products (4.5%).

By country, imports increased from the EU (1.4%), the United States (4.5%), and Saudi Arabia (16.5%), while imports from China (-13.3%), Japan (-22.8%), Australia (-21.0%), and Russia (-35.4%) decreased.

The trade balance recorded a deficit of $829 million. Including this, the cumulative trade surplus from the beginning of this year to the 10th of this month reached $14.275 billion.

The government expects an overall increase for June. A Ministry of Trade, Industry and Energy official said, "Exports until the 10th slightly decreased due to one fewer working day, but the average daily export excluding the working day effect recorded a double-digit growth rate (11.2%), maintaining a strong upward momentum in exports. Despite the total working days this month being 21.5, 1.5 days short, we expect the overall exports to be positive and the trade surplus trend to continue, centered on IT items including semiconductors."