Exports down 1.1% until the 20th of this month... "Impact of 2.5 fewer working days" (Update)

Korea Customs Service, Export and Import Status from September 1 to 20

Exports have slightly decreased through the 20th of this month. This is due to 2.5 fewer working days compared to the same period last year because of the Chuseok holiday. The government expects overall growth for September, forecasting a positive trend for the 12th consecutive month.

According to the export-import status report from September 1 to 20 released by the Korea Customs Service on the 23rd, export value was $35.6 billion, down 1.1% ($390 million) compared to the same period last year.

The decline in exports is largely due to fewer working days. This month, there were 13 working days, 2.5 days fewer than the 15.5 days in the same period last year. Considering this, the average daily export value was $2.74 billion, an 18.0% increase compared to the same period last year.

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

By item, semiconductors (26.2%) and computer peripherals (75.6%) increased compared to the same period last year, while passenger cars (-8.8%) and petroleum products (-5.0%) decreased. Regarding exports to major countries, exports to China (2.7%), Vietnam (1.2%), and Taiwan (79.8%) increased, whereas exports to the United States (-5.9%) and the European Union (EU, -15.1%) decreased.

Imports from September 1 to 20 amounted to $34.8 billion, down 4.5% ($1.65 billion) compared to the same period last year. Semiconductors (17.4%) and gas (0.2%) increased, while crude oil (-14.8%) and machinery (-1.4%) decreased. Energy imports, including crude oil, gas, and coal, also declined by 10.9%. By country, imports from Japan (0.6%), Taiwan (31.0%), and Australia (7.3%) increased, while imports from China (-6.5%) and the EU (-1.7%) decreased.

The trade balance recorded a surplus of $800 million. As a result, the cumulative trade surplus through September 20 this year reached $310.62 billion.

Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry and Energy, said, "Exports through the 20th of this month temporarily decreased slightly due to 2.5 fewer working days caused by the Chuseok holiday (September 16?18), but average daily exports excluding the working day effect recorded double-digit growth, maintaining a solid upward export momentum. Based on the strong performance of key items such as semiconductors, automobiles, and ships, we expect to continue the export growth for the 12th consecutive month and maintain the trade surplus streak for the 16th consecutive month this month as well."