KCS Export-Import Status from August 1-20
Semiconductors Up 42.5%, Automobiles Up 7.9%
Government Forecasts "Double-Digit Export Growth in August"
Exports recorded an increase of over 18% by the 20th of this month, driven by strong performance in key items such as semiconductors and automobiles. The government expects the double-digit growth trend to continue throughout August.
On the 21st, the Korea Customs Service announced the export-import status for August 1-20, which included this information.
According to the report, export value from the beginning of this month to the 20th reached $33.1 billion, up 18.5% compared to the same period last year. The growth rate increased by 0.8 percentage points from 17.7% recorded during August 1-20 last month.
The number of working days was 14.5, the same as the previous year, resulting in an average daily export value of $2.28 billion, an 18.5% increase.
Among the top 10 major export items, exports increased in 9 items except for wireless communication devices (-1.0%). In particular, semiconductors and ships recorded growth rates of 42.5% and 79.0%, respectively. Petroleum products (11.7%), steel products (5.9%), and passenger cars (7.9%) also saw increased exports compared to the same period last year.
Exports to nine major countries, excluding Singapore (-8.5%), showed an upward trend. Exports to China (16.3%), the United States (18.0%), the European Union (EU, 18.6%), and Vietnam (11.0%) all recorded positive growth.
Imports from the beginning of this month to the 20th amounted to $34.6 billion, up 10.1% compared to the same period last year. Crude oil (12.5%), semiconductors (26.5%), and gas (23.7%) increased, while passenger cars (-17.0%) decreased. Imports from the top 10 major countries, including China (8.1%), the United States (14.9%), the EU (9.2%), Japan (18.0%), and Australia (27.4%), all increased.
The trade balance from August 1 to 20 recorded a deficit of $1.47 billion. Accordingly, the cumulative trade surplus for this year (January 1 to August 20) decreased to $25.341 billion.
The government expects the export growth trend to continue throughout August, anticipating exports to increase for the 11th consecutive month. The positive export record, which began in October last year, has continued for 10 consecutive months until July this year. Cho Ik-no, Director General of Trade Policy at the Ministry of Trade, Industry and Energy, said, "Despite seasonal factors such as summer vacations, exports until the 20th showed solid double-digit growth based on strong performance in key items such as semiconductors, computers, automobiles, and ships." He added, "Although the number of working days is insufficient this month, considering the upward momentum of exports and the trend of increasing exports toward the end of the month, double-digit export growth is expected, and the trade surplus trend is likely to continue."
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