Exports up 5.8% by the 20th of this month... "Steady growth in semiconductors, ships, and more" (Update)

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

Exports showed an increase of nearly 6% through the 20th of this month, continuing the 'export plus' trend that began in October last year. The steady growth of key items such as semiconductors and ships was a major factor.

According to the export-import status from November 1 to 20 announced by the Korea Customs Service on the 21st, export value reached $35.6 billion, up 5.8% compared to the same period last year. The number of working days from the 1st to the 20th of this month was 15.5, the same as the previous year. Considering this, the average daily export value increased by 5.8% to $2.3 billion.

Accordingly, the cumulative export value through the 20th of this year was $601.452 billion, an 8.8% increase compared to the same period last year.

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

Key export items also showed favorable trends this month. Semiconductors increased by 42.5%, steel products by 11.1%, ships by 77.1%, and computer peripherals by 73.5%. However, exports of passenger cars (-17.7%), petroleum products (-10.4%), and wireless communication devices (-12.2%) decreased. By country, exports to China (3.5%), Vietnam (16.3%), and the European Union (EU, 7.5%) increased, while exports to the United States (-2.5%) and Japan (-0.6%) declined.

Imports from November 1 to 20 amounted to $34.8 billion, down 1.0% compared to the same period last year. Imports of semiconductors (23.4%) and semiconductor manufacturing equipment (134.8%) increased year-on-year, while crude oil (-23.7%), gas (-5.2%), and petroleum products (-18.8%) decreased. Energy imports including crude oil, gas, and coal also fell by 17.2%. Imports from China (2.0%), the EU (2.4%), and Japan (12.6%) increased, but those from the United States (-14.1%) and Saudi Arabia (-30.2%) decreased.

The trade balance from November 1 to 20 recorded a surplus of $798 million. Including this, the annual cumulative trade surplus reached $40.364 billion.

Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry and Energy, said, "Exports through the 20th of this month increased compared to the same period last year, supported by steady growth in key items such as semiconductors, ships, and steel, maintaining an upward momentum. Throughout November, based on solid growth in IT items like semiconductors and computers as well as key items like ships, we expect to continue the export plus trend for 14 consecutive months and maintain a surplus for 18 consecutive months."