Export and Import Trends in July 2024
July Exports Up 13.9%·Trade Surplus of 3.6 Billion USD
The positive export trend that began in October last year continued for 10 consecutive months until July this year. The trade balance also recorded a surplus for 14 consecutive months. The government expects that achieving this year's target of $700 billion is fully attainable.
According to the Ministry of Trade, Industry and Energy on the 4th, the export value in July reached $57.49 billion, a 13.9% increase compared to the previous year. July exports marked the second highest performance ever for the month of July, continuing the positive trend for 10 consecutive months.
Last month, exports of 11 out of the 15 major export items increased. Exports of all IT items including semiconductors, displays, computers, and wireless communication devices increased for five consecutive months, with a combined export value of $15.6 billion, marking nine consecutive months of growth. In particular, semiconductor exports recorded $11.2 billion (50.4%), maintaining a positive trend for nine consecutive months. Display ($1.7 billion, 2.4%) increased for 12 months, computers ($1.2 billion, 61.6%) for 7 months, and wireless communication devices ($1.5 billion, 53.6%) for 5 months consecutively.
Automobile exports decreased by 9.1% compared to the previous year, recording $5.4 billion due to the summer vacation impact of major companies. However, automobile parts exports increased by 9.5% to $2.2 billion, turning positive after three months.
General machinery exports recorded $4.9 billion (12.5%), the highest ever for July, marking a positive growth after three months. Petroleum products ($4.5 billion, 16.7%) increased for five consecutive months, and petrochemicals ($4.2 billion, 18.5%) for four consecutive months. Biohealth ($1.2 billion, 29.0%), textiles ($900 million, 1.6%), and home appliances ($700 million, 9.4%) also turned to an increasing export trend after one month.
By region, exports increased to 8 out of the 9 major markets. Exports to China reached $11.4 billion (14.9%), the highest in 21 months since October 2022 ($12.2 billion), driven by increased exports of IT items such as semiconductors and wireless communication devices due to improved IT industry conditions. The cumulative exports to China from January to July recorded $74.8 billion (6.7%), the highest export value by region. Exports to the United States also recorded the highest ever for July at $10.2 billion (9.3%), marking 12 consecutive months of record monthly performance.
The government forecasts that exports this year can reach $700 billion. A Ministry of Trade, Industry and Energy official stated, "From August, about $310 billion needs to be exported over the remaining five months, approximately $60 billion per month, but there is export potential as monthly export values have exceeded $60 billion before. If various market conditions and industry trends, including semiconductors, are maintained in the second half, we believe it is fully possible to achieve the $700 billion target."
Imports in July amounted to $53.88 billion, a 10.5% increase compared to the same period last year. Energy imports increased by 11.9% to $10.9 billion due to expanded imports of crude oil (16.1%) and gas (23.8%). The trade balance recorded a surplus of $3.6 billion last month, continuing the surplus trend for 14 consecutive months. The cumulative surplus from January to July was $26.7 billion, the largest since 2018.
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