Exports Slightly Increase Until the 10th of This Month... "February Exports Expected to Be Positive with Trade Surplus" (Update)

Exports Rise by 0.8% in Early February
Korea Customs Service Reports $14.9 Billion in Export Value from February 1 to 10

Exports started the month on an upward trend. The government expects overall exports in February to show positive growth and record a trade surplus.

According to the export-import status from February 1 to 10 announced by the Korea Customs Service on the 11th, export value reached $14.9 billion, an increase of 0.8% compared to the same period last year.

Export containers are being loaded onto a ship at Busan North Port. Photo by Jinhyung Kang aymsdream@

The number of working days until the 10th of this month was 7 days, 0.5 days more than the 6.5 days in the same period last year. Considering this, the average daily export value was $2.13 billion, a decrease of 6.4%.

Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, explained, "Exports until the 10th recorded a slight increase compared to the same period last year. Although the trade balance is currently showing 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."

Among the top 10 major export items this month, six items increased, including semiconductors (1.8%), passenger cars (27.1%), wireless communication devices (19.2%), and precision instruments (3.7%). Exports of petroleum products (-22.3%) and automobile parts (-27.1%) decreased. By country, exports to China (4.5%), the European Union (EU, 11.7%), Vietnam (20.7%), and India (6.3%) increased, while exports to the United States (-8.6%) and Japan (-22.0%) decreased.

Imports from February 1 to 10 amounted to $17.1 billion, an increase of 0.3% compared to the same period last year. Imports of semiconductors (21.8%) and machinery (14.7%) increased, while crude oil (-19.2%) and gas (-13.7%) decreased. As a result, energy imports including crude oil, gas, and coal fell by 20.9%. Imports from the United States (21.0%), the EU (10.5%), and Japan (30.6%) increased, while imports from China (-15.0%) and Saudi Arabia (-6.8%) decreased.

The trade balance recorded a deficit of $2.229 billion. Including this, the cumulative trade deficit from the beginning of this year to February 10 reached $4.089 billion.

The Ministry of Trade, Industry and Energy expects overall exports in February to show positive growth and a trade surplus. Officer Cho said, "With semiconductor exports continuing their strong performance and automobiles expected to turn positive, monthly exports and a surplus turnaround are anticipated in February. As the Trump administration’s tariff measures are being announced, we plan to maintain close communication and cooperation with the industry regarding these issues."