Export Growth Continues in July... "Expecting 10 Consecutive Months of Increase"

Export and Import from July 1 to 20

Exports this month have recorded an increase of nearly 19% up to the 20th, raising the possibility of achieving positive export growth for 10 consecutive months.

According to the Korea Customs Service on the 28th, the 'Export-Import Status from July 1 to 20' shows that export value reached $37.2 billion, an 18.8% increase compared to the same period last year. Accordingly, 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%.

Cargo is stacked on a container ship docked at Busan Port. Photo by Jinhyung Kang aymsdream@

On a monthly basis, export value has shown an increasing trend for nine consecutive months from October last year to last month. If the upward trend continues in July, it will mark '10 consecutive months of positive growth.'

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 up to the 20th of this month amounted to $37.2 billion, a 14.2% increase 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 balance from the beginning of this year to the 20th was a surplus of $23.04 billion.

The government expects the export boom to continue this month as well. A Ministry of Trade, Industry and Energy official said, "Exports have maintained a solid growth trend up to 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 positive export trend and a trade surplus, based on the upward momentum in exports of IT items including semiconductors."