Exports Driven by Semiconductor Boom... Up 17.3% Through the 10th of This Month (Update)

Korea Customs Service Reports Export and Import Trends for December 1-10
Semiconductor Exports Surge 45.9%, Leading the Growth

Exports recorded an increase of over 17% during the period from December 1 to 10. Semiconductor exports surged by nearly 46%, driving the overall growth in exports.

According to the "Export and Import Status for December 1-10 (Preliminary)" released by the Korea Customs Service on December 11, export value totaled 20.6 billion dollars, up 17.3% compared to the same period last year.

Export vehicles are waiting to be loaded at Pyeongtaek Port in Gyeonggi Province. Photo by Kang Jinhyung

The number of working days was 8.5, one day more than the same period last year. Taking this into account, the average daily export value increased by 3.5% to 2.42 billion dollars.

By item, exports increased for semiconductors (45.9%), petroleum products (23.1%), and wireless communication devices (25.1%), while exports decreased for passenger cars (-5.7%) and ships (-47.7%). By country, exports rose to China (12.9%), Vietnam (35.8%), the European Union (2.6%), and Taiwan (15.2%). The United States was the only country among the top ten trading partners to see a decrease in exports (-3.2%).

Imports during the period from December 1 to 10 reached 20.6 billion dollars, an increase of 8.0% compared to the same period last year. Imports increased for semiconductors (20.8%), semiconductor manufacturing equipment (13.3%), and machinery (12.8%), while they decreased for crude oil (-11.5%) and gas (-11.8%). Among major trading partners, imports from China (13.3%), the United States (26.4%), the European Union (18.1%), and Japan (5.7%) increased, while imports from Saudi Arabia (-36.1%) and Russia (-16.2%) decreased.

The trade balance for December 1-10 recorded a deficit of 70 million dollars. Including this period, the cumulative trade surplus from January 1 to December 10 this year stands at 65.776 billion dollars.