Export Amount of $14.9 Billion from 1st to 10th
Semiconductor Exports Increased by 17.4%
But Exports to the US and China Both Declined
Exports decreased compared to the previous year earlier this month due to factors such as the number of working days.
According to the Korea Customs Service on the 11th, exports during this period amounted to $14.9 billion, down 17.8% from the same month last year. This was influenced by the shorter number of working days, which was 7 days compared to 8.5 days during the same period last year. However, the average daily export value, considering the number of working days, also decreased slightly by 0.1% to $2.13 billion.
By item, exports of semiconductors (17.4%) and ships (373.9%) increased despite the decrease in working days. On the other hand, exports of passenger cars (-33.6%), petroleum products (-33.2%), and wireless communication devices (-19.0%) showed a declining trend.
Countries with increased exports included Taiwan (29.2%) and Hong Kong (3.9%). Exports to the United States (-37.5%), China (-14.6%), and Vietnam (-6.0%) decreased.
Imports amounted to $15.8 billion, down 21.0% from the previous year. Imports of semiconductor manufacturing equipment (27.0%) increased, but decreases in crude oil (-35.0%), semiconductors (-1.0%), and gas (-15.0%) were factors behind the overall decline.
As a result, the trade balance recorded a deficit of $856 million. The cumulative surplus for this year stands at $38.71 billion.
The government views this decline as a temporary phenomenon and expects an increase when looking at the entire month of November. Korean exports have been rising for 13 consecutive months since turning to an upward trend in October last year.
Cho Ik-no, Director General of Trade Policy at the Ministry of Trade, Industry and Energy, stated, “Exports decreased compared to the same period last year until the 10th, but this is a temporary phenomenon caused by the insufficient number of working days. Based on the solid growth of key items until the end of the month, exports are expected to continue positive growth for the 14th consecutive month, and the trade balance will also gradually improve.”
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