Exports up 18.8% until the 20th of this month... "Double-digit growth and trade surplus expected in July" (Update)

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

Exports recorded an increase of nearly 19% through the 20th of this month. The government expects double-digit export growth and a trade surplus for the entire month of July.

According to the 'Export and Import Status from July 1 to 20' announced by the Korea Customs Service on the 22nd, export value reached $37.2 billion, up 18.8% compared to the same period last year. As a result, the cumulative export value from January 1 to July 20 this year was $371.952 billion, a 10% increase compared to the same period last year.

The number of working days from the 1st to the 20th of this month was 16.5 days, one day more than the same period last year (15.5 days). Considering this, the average daily export value was $2.25 billion, up 11.6%.

Among the top 10 major export items, seven items increased, including semiconductors (57.5%), passenger cars (1.8%), petroleum products (28.4%), and steel products (8.8%). Three items saw a decrease in exports: wireless communication devices (-1.3%), precision instruments (-3.4%), and ships (-49.1%). Exports to the top 10 major countries all increased, including China (20.4%), the United States (13.4%), the European Union (EU, 3.3%), Vietnam (23.6%), Japan (6.5%), and Malaysia (53.6%).

Imports through the 20th of this month amounted to $37.2 billion, up 14.2% compared to the same period last year. Crude oil (40.0%), semiconductors (15.5%), and gas (31.1%) increased, while coal (-29.9%) decreased. Energy imports, including crude oil, gas, and coal, rose by 25.2%. By country, imports increased from China (6.7%), the United States (61.8%), the EU (5.0%), and Japan (7.9%), but decreased from Australia (-12.9%).

The trade balance recorded a deficit of $50 million. Accordingly, the cumulative trade surplus from the beginning of this year to the 20th is estimated at $23.04 billion.

The government expects the favorable export trend to continue this month as well. Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, said, "Exports have maintained a steady growth trend through the 20th, driven by strong performance in key items such as semiconductors and petroleum products. Despite seasonal factors such as summer vacations in July, we expect a steady double-digit export growth and a trade surplus, supported by the upward momentum in exports of IT items including semiconductors."