New Year's First Export Starts on a 'Plus' Note... 3.8%↑ from January 1 to 10 (Update)

Korea Customs Service Releases Export-Import Data for January 1-10
Exports Reach $16 Billion, Imports $19 Billion
Trade Deficit Stands at $3 Billion

Despite internal and external difficulties, exports started the new year on an upward trend.

According to the export-import status from January 1 to 10 announced by the Korea Customs Service on the 13th, exports amounted to $16 billion, an increase of 3.8% compared to the same period last year.

The number of working days was 7.5, the same as last year. Considering this, the average daily export value was $2.13 billion, up 3.8% from the same period last year.

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

Among the top 10 major items, exports of semiconductors (23.8%), passenger cars (4.7%), steel products (12.9%), and ships (15.7%) increased compared to the same period last year. Petroleum products (-47.0%), automobile parts (-6.7%), and wireless communication devices (-23.3%) decreased. By country, exports to China (3.4%), the United States (1.4%), and Vietnam (26.3%) increased, while exports to the European Union (EU, -2.5%) and Japan (-4.2%) decreased.

Imports until the 10th of this month amounted to $19 billion, an increase of 2.6% compared to the same period last year. Imports of semiconductors (26.1%) and gas (15.0%) increased, while crude oil (-4.2%), petroleum products (-6.4%), and machinery (-1.3%) decreased. Energy imports, including crude oil, gas, and coal, also decreased by 4.5%. Regarding imports from major countries, imports from the United States (6.9%), Australia (42.9%), and Japan (20.6%) increased, while imports from China (-0.1%) and the EU (-12.4%) decreased. The trade balance recorded a deficit of $3 billion.

Cho Ik-no, Director General of Trade Policy at the Ministry of Trade, Industry and Energy, said, "Exports until the 10th increased compared to the same period last year, centered on semiconductors, ships, and steel, maintaining a solid trend for our exports in the new year." He added, "Although the trade balance shows a deficit, this appears to be a temporary phenomenon caused by concentrated imports at the beginning of the month, and it is expected to improve toward the end of the month."

The Ministry of Trade, Industry and Energy expressed concerns that export conditions will be difficult in the first half of this year and decided to focus policy efforts during this period. The ministry will support trade insurance worth a record high of 252 trillion won, extend a 50% discount on short-term export insurance premiums for small and medium-sized enterprises and mid-sized companies, and expand export credit guarantees for production fund loans (from 4.5 trillion won to 5 trillion won). In addition, import fund loan guarantees will be expanded from 2.8 trillion won to 3 trillion won, and the guarantee limit for individual companies will be raised to a maximum of 150%. Along with this, the government plans to prepare an inter-ministerial "Emergency Export Measures" including additional trade finance measures by next month.