Exports up 6.8% until the 20th of this month... Government says "Export growth to continue for 15 consecutive months" (Update)

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

Exports continued to grow in December. Exports increased by nearly 7% up to the 20th of this month, and the trade balance recorded a surplus exceeding 1.3 billion dollars. The government forecasted that the export growth and trade surplus would continue throughout December.

According to the 'Export and Import Status from December 1 to 20' announced by the Korea Customs Service on the 23rd, export value reached 40.31 billion dollars, up 6.8% compared to the same period last year.

Export containers are piled up at Busan Port. Photo by Kang Jin-hyung aymsdream@

During this period, the number of working days was 16, which is 0.5 days more than the 15.5 days in the same period last year. Considering this, the average daily export value increased by 3.5% to 2.52 billion dollars.

Among the top 10 major export items, six items including semiconductors (23.4%), steel products (11.7%), automobile parts (8.9%), and computer peripherals (79.7%) showed growth. Exports of passenger cars (-0.2%) and petroleum products (-14.6%) decreased.

By major countries, exports increased to eight countries including China (12.4%), the United States (6.0%), the European Union (EU, 28.3%), and Vietnam (7.6%), except for Hong Kong (-10.0%) and Malaysia (-14.8%).

Imports up to the 20th of this month amounted to 39 billion dollars, up 7.5% compared to the same period last year. Semiconductors (27.8%) and semiconductor manufacturing equipment (67.9%) increased, while crude oil (-13.6%), gas (-13.1%), and coal (-4.2%) decreased. Energy imports including crude oil, gas, and coal fell by 12.4%. By country, imports increased from China (15.0%), the EU (12.4%), and Japan (21.8%), while imports from the United States (-3.2%) and Australia (-18.6%) decreased.

The trade balance recorded a surplus of 1.348 billion dollars. Accordingly, the cumulative trade surplus from the beginning of this year to the 20th reached 46.629 billion dollars.

The government expects the export growth and trade surplus to continue. Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, said, "Up to the 20th, exports and average daily exports increased compared to the same period last year due to strong performance in semiconductors, steel, and automobile parts." He added, "We expect to continue the positive export trend for 15 consecutive months and the surplus trend for 19 consecutive months throughout December, centered on IT items such as semiconductors, wireless communication, and computers. We will do our best as a public-private one team to expand exports until the end of the year."