Exports Down 2.4% in Early May
Exports to the United States Plunge 14.6%
Trade Balance Records $300 Million Deficit
As of the 20th of this month, exports had decreased by 2.4%. In particular, exports to the United States plummeted by 14.6%.
On the 21st, the Korea Customs Service released export and import statistics for the period from May 1 to May 20, containing these figures.
According to the data, export value for the period up to the 20th of this month was $32 billion, representing a decrease of 2.4% ($780 million). The number of working days was unchanged at 12.5 days.
By item, semiconductors increased by 17.3% compared to the same period last year, while passenger cars (-6.3%), petroleum products (-24.1%), and auto parts (-10.7%) all declined. By country, exports to Vietnam (3.0%), Taiwan (28.2%), and Hong Kong (4.5%) increased, whereas exports to China (-7.2%), the United States (-14.6%), and the European Union (EU, -2.7%) decreased.
From May 1 to 20, imports amounted to $32.2 billion, down 2.5% ($820 million) from the same period last year. Compared to the previous year, imports of semiconductors (1.7%) and semiconductor manufacturing equipment (2.4%) increased, while imports of crude oil (-9.5%) and gas (-8.4%) decreased. By country, imports from Japan (2.4%), Australia (12.8%), and Vietnam (25.3%) rose, while those from China (-1.4%), the United States (-2.3%), and the EU (-9.2%) fell.
The trade balance recorded a deficit of $300 million. As a result, the cumulative surplus for this year up to the 20th of this month decreased to $11.768 billion.
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