Strong Export Performance This Month as Well... Exports Up 33.2% from 1st to 10th

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

Exports continued to increase from the 1st to the 10th of this month, driven by strong performance in key items such as semiconductors and passenger cars. The government expects exports to remain positive throughout the entire month.

According to the Korea Customs Service on the 13th, export value from October 1 to 10 reached $15.3 billion, a 33.2% increase compared to the same period last year. As a result, the cumulative export value up to the 10th of this month this year recorded $523.983 billion, a 10.2% increase year-on-year.

The number of working days from the 1st to the 10th of this month 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 in 8 items except petroleum products (-23.6%) and wireless communication devices (-9.7%). Semiconductors and passenger cars rose 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 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 1st to the 10th of this month amounted to $17.5 billion, a 3.2% increase 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 imports 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 deficit 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 including IT products such as semiconductors and automobiles, and the trade balance is also expected to improve toward the end of the month."