Exports up 8.5% by the 20th of this month... "Export surplus and trade surplus to continue" (Update)

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

Exports from the 1st to the 20th of this month recorded an increasing trend, steadily heading toward this year's target of 700 billion dollars.

According to the export-import status from June 1 to 20 announced by the Korea Customs Service on the 21st, export value reached 35.8 billion dollars, an 8.5% increase compared to the same period last year. The number of working days was 14.5, the same as last year. Considering this, the average daily export value was 2.47 billion dollars, also up by 8.5%.

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

By item, exports of 6 out of 10 major items increased compared to the same period last year, including semiconductors (50.2%), petroleum products (6.0%), and wireless communication devices (10.0%). Passenger cars (-0.4%) and ships (-40.3%) decreased. Among the top 10 major countries, exports increased to 9 countries including the United States (23.5%), China (5.6%), Vietnam (30.7%), and Japan (1.3%), except for the European Union (EU, -7.3%).

Imports from the 1st to the 20th of this month amounted to 34.2 billion dollars, down 0.6% compared to the same period last year. Crude oil (14.4%), semiconductors (5.2%), and machinery (4.3%) increased, while semiconductor manufacturing equipment (-16.3%) and passenger cars (-44.1%) decreased. Energy imports such as crude oil, gas, and coal rose by 5.0%. By country, imports increased from the United States (9.6%) and Taiwan (24.7%), but decreased from China (-0.8%), the EU (-7.2%), and Japan (-12.6%).

The trade balance recorded a surplus of 1.5 billion dollars. Accordingly, the cumulative trade surplus from the beginning of this year to the 20th of this month reached 16.6 billion dollars.

Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, said, "Exports until the 20th showed a positive growth rate as major export items such as semiconductors, petroleum products, and wireless communication rose due to the recovery trend in the IT industry and economic improvements in major countries." He added, "Although there are 1.5 working days less remaining until the end of the month, June exports will continue the positive trend based on solid upward momentum, and the trade surplus is expected to expand further."