Exports Down 2.2% by the 20th of This Month... Exports to US Also Decrease by 2.1% (Update)

Exports Fall by Over 2% as of July 20
Exports to the United States Down 2.1%
Trade Surplus Reaches $500 Million in July 1-20 Period

As of the 20th of this month, exports recorded a decline of more than 2%. Exports to the United States also decreased by 2.1%.

According to the export and import statistics for July 1-20 released by the Korea Customs Service on the 21st, export value amounted to $36.1 billion, a decrease of 2.2% compared to the same period last year.

Export cars are waiting to be loaded at Pyeongtaek Port, Gyeonggi. Photo by Kang Jinhyung

The number of working days was 15.5, which is one day fewer than in the same period last year. Taking this into account, the average daily export value was $2.33 billion, representing an increase of 4.1%.

By item, semiconductors (16.5%), passenger cars (3.9%), and ships (172.2%) increased compared to the same period last year. However, petroleum products (-17.5%) and auto parts (-8.4%) decreased. By country, exports to the European Union (EU, 3.0%), Vietnam (1.1%), and Taiwan (29.9%) increased, while exports to China (-5.9%) and the United States (-2.1%) decreased.

From July 1 to 20, imports amounted to $35.6 billion, a decrease of 4.3% year-on-year. Imports of machinery (6.6%) and semiconductor manufacturing equipment (28.3%) increased, but imports of crude oil (-11.6%), semiconductors (-0.6%), and gas (-6.2%) decreased. Imports from the EU (8.6%), Japan (0.9%), and Taiwan (0.5%) increased, while imports from China (-0.01%) and the United States (-28.4%) decreased.

The trade balance recorded a surplus of $500 million. As a result, the cumulative trade surplus from the beginning of the year to the 20th of this month increased to $28.245 billion.