Exports increased by about 25% compared to the same period last year from the beginning of this month to the 10th. The trade balance recorded a surplus exceeding 200 million dollars.
According to the Korea Customs Service on the 11th, export value from the 1st to the 10th of this month was provisionally estimated at 18.579 billion dollars based on customs clearance value. This is a 24.6% increase compared to the same period last year.
Considering the number of working days, the average daily export value grew by 16.3%. The number of working days was 7.5, which is 0.5 days more than last year. However, for the entire month of September, there is a 16 to 18-day Chuseok holiday, resulting in one less working day than September last year.
Export value continues its strong performance. On a monthly basis, it has increased for 11 consecutive months from October last year to last month.
The increase in export value was led by key industries. Semiconductor exports rose by 38.8% compared to the same period last year, driving the growth. The share of semiconductor exports also increased by 1.9 percentage points to 18.7%. Passenger car exports also increased by 12.8%, and petroleum products rose by 5.4%. Wireless communication devices decreased by 2.4%.
Import value increased by 11.3% to 18.357 billion dollars.
The trade balance showed a surplus of 222 million dollars. From the 1st to the 10th of last month, there was a deficit of 2.951 billion dollars. The monthly trade balance has been in surplus for 15 consecutive months from June last year to last month.
Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, said, “Exports of key items such as semiconductors, automobiles, and ships are steadily increasing, maintaining a solid growth trend,” and added, “As exports of key items continue their upward momentum, the positive export trend that began in October last year is expected to continue for a year.”
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