Exports Up 16.7% Through the 10th of This Month... "Upward Trend Continues" (Update)

KCS Export-Import Status from August 1-10
Semiconductors Up 42.1%, Petroleum Products Up 5.5%, Passenger Cars Up 63.9%
Trade Deficit $2.9 Billion... "Improvement Expected Toward Month-End"

Exports in August continued an upward trend, recording an increase of over 16% through the 10th of the month.

According to the export-import status report from August 1 to 10 released by the Korea Customs Service on the 12th, export value reached $15.5 billion, up 16.7% compared to the same period last year. The number of working days from August 1 to 10 was 8, which is 0.5 days fewer than the same period last year. Considering this, the average daily export value increased by 24.0% to $1.93 billion.

An HMM container ship is docked at Busan Port. Photo by Jinhyung Kang aymsdream@

Among the top 10 major export items, nine items showed growth except for precision instruments (-10.6%). Semiconductor and passenger car exports increased by 42.1% and 63.9%, respectively, compared to the same period last year. Exports of petroleum products (5.5%), steel products (10.5%), ships (253.0%), and computer peripherals (62.2%) also rose.

By country, exports increased to China (10.7%), the United States (27.7%), Vietnam (3.6%), and the European Union (EU, 18.2%), while exports to Singapore (-29.8%) and Malaysia (-10.3%) decreased.

Imports through the 10th of this month amounted to $18.4 billion, up 13.4% compared to the same period last year. Compared to the previous year, imports of crude oil (83.5%), semiconductors (14.7%), and gas (62.8%) increased, while petroleum products (-1.5%) decreased. Energy imports including crude oil, gas, and coal rose by 59.4%. Imports from major countries increased from China (5.0%), the United States (16.0%), Japan (17.2%), and Australia (34.8%), but imports from the EU decreased by 0.7%.

The trade balance from August 1 to 10 recorded a deficit of $2.934 billion. Including this, the cumulative trade surplus from the beginning of this year through the 10th of this month reached $23.877 billion.

Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry and Energy, said, "Exports through the 10th have maintained solid growth with double-digit increases following last month, driven by strong performance in key items such as semiconductors and ships." He added, "Despite seasonal factors such as summer vacations in August, the upward export trend centered on key items including IT products like semiconductors, automobiles, and ships is continuing, and the trade balance is expected to improve further toward the end of the month."