Exports up 33.2% by the 10th of this month... "Steady growth in key items such as semiconductors and cars" (Update)

Korea Customs Service, Export and Import Status from October 1 to 10

Thanks to the strong performance of key items such as semiconductors and passenger cars, the export growth trend continued into this month. If exports record a positive figure for the entire month of October, the growth trend that began in October last year will continue for 13 consecutive months.

According to the 'Export-Import Status from October 1 to 10' announced by the Korea Customs Service on the 11th, export value reached $15.3 billion, a 33.2% increase compared to the same period last year. Accordingly, the cumulative export value from the beginning of this year to October 10 reached $523.983 billion, an increase of 10.2% compared to the same period last year.

Export containers are piled up at Busan Port. Photo by Jinhyung Kang aymsdream@

The number of working days from October 1 to 10 was 5.5 days, one day more than the 4.5 days in the same period last year. Considering this, the average daily export value was $2.78 billion, up 9.0%.

Among the top 10 major export items, exports increased for eight items except petroleum products (-23.6%) and wireless communication devices (-9.7%). Semiconductors and passenger cars increased by 45.5% and 28.9%, respectively, while steel products (45.7%), ships (265.0%), precision instruments (21.1%), and home appliances (22.3%) also recorded positive export growth.

By country, exports increased to China (22.9%), the United States (33.0%), Vietnam (25.0%), and the European Union (EU, 24.1%), while among the top 10 major export countries, only Malaysia (-15.5%) saw a decline in exports.

Imports from the beginning of this month to the 10th amounted to $17.5 billion, up 3.2% compared to the same period last year. Imports of semiconductors (18.8%), gas (16.4%), and machinery (2.0%) increased, but crude oil (-20.7%) and petroleum products (-4.9%) decreased. Energy imports, including crude oil, gas, and coal, fell by 13.1%. Imports from the United States (6.7%), Japan (26.0%), and the EU (7.7%) increased, while those from China (-2.3%) and Australia (-15.0%) decreased.

The trade balance recorded a deficit of $2.2 billion. Accordingly, the cumulative trade balance for this year reached a surplus of $34.591 billion.

Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry and Energy, said, "Exports up to the 10th showed a solid upward momentum with balanced increases in the two major items, semiconductors and automobiles, as well as ships and steel." He added, "This month, exports are expected to continue to grow positively with strong growth in key items such as IT products including semiconductors and automobiles, and the trade balance is also expected to improve toward the end of the month."