Export Growth Continues in July... Up 33.8% Through the 10th

Korea Customs Service, Export and Import Status from July 1 to 10

Exports are also showing a strong trend this month. Exports from the 1st to the 10th increased by about 34% compared to the same period last year. If the upward trend continues in July, the positive export growth that began in October last year will continue for 10 consecutive months.

According to the Korea Customs Service on the 14th, export value from July 1 to 10 was $17.7 billion, an increase of 33.8% compared to the same period last year.

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

The sharp increase in exports is largely due to the increase in working days. The number of working days from the 1st to the 10th this month was 8.5 days, 1.5 days more than the 7 days during the same period last year. Considering this, the average daily export value rose by 10.2% to $2.09 billion.

Most of the main export items showed favorable trends. Among the top 10 major items, exports increased in 8 items except for ships (-37.5%) and computer peripherals (-14.1%). Semiconductors and petroleum products increased by 85.7% and 40.5%, respectively, while passenger cars (9.8%), steel products (24.2%), wireless communication devices (7.5%), and home appliances (47.4%) also saw export growth.

By country, notable increases were seen in exports to China (29.1%), the United States (26.4%), the European Union (EU, 26.2%), and Vietnam (55.0%). Among the top 10 export countries, Singapore (-12.3%) was the only one to experience a decrease.

Imports through the 10th of this month amounted to $19.7 billion, up 26.7% compared to the same period last year. Increases were seen in semiconductors (35.1%), crude oil (21.3%), machinery (17.3%), and gas (6.7%). The growth rate of energy imports, including crude oil, gas, and coal, was 16.0%. Among the top 10 major import countries, imports increased from 8 countries including China (28.7%), the United States (43.4%), the European Union (29.0%), and Japan (18.5%), except for Australia (-6.8%) and Russia (-39.4%).

The trade balance recorded a deficit of $2 billion. As a result, the cumulative trade surplus from the beginning of this year to July 10 reached $21.099 billion.

An official from the Ministry of Trade, Industry and Energy said, "Exports through the 10th have shown a solid trend with double-digit growth rates due to the favorable performance of key items such as semiconductors and petroleum products. Despite seasonal factors such as summer vacations, July exports are expected to continue an upward momentum centered on IT items including semiconductors, and the trade balance is also expected to improve by the end of the month."