Korea Customs Service Releases Export and Import Trends for December 1?10
Semiconductors Lead Growth with 45.9% Surge
Exports recorded an increase of over 17% from December 1 to 10. Semiconductor exports surged by nearly 46%, and the fact that there was one more working day-an important factor for early-month export figures-drove the overall growth in exports.
According to the "Export and Import Trends for December 1-10 (Preliminary)" released by the Korea Customs Service on December 11, export value reached 20.6 billion dollars, up 17.3% compared to the same period last year.
The number of working days stood at 8.5, which is one day more than the same period last year. Taking this into account, the average daily export value rose by 3.5% to 2.42 billion dollars. The total number of working days in December is 24, one more than last year (23 days). In addition, the robust performance of semiconductor exports continues, making it highly likely that monthly exports in December will also record positive growth.
An official from the Ministry of Trade, Industry and Energy stated, "This export performance appears to be largely driven by strong semiconductor exports and an increase in the number of working days," adding, "Unless there are any special variables, monthly exports in December are expected to exceed last December's figure of 61.4 billion dollars."
If monthly exports continue to grow, the government's annual export target of 700 billion dollars could be achieved. From January 1 to December 10 this year, cumulative exports totaled 660.996 billion dollars. If exports during the remaining period exceed 39.304 billion dollars, annual exports for 2025 will surpass 700 billion dollars.
By item, export performance for December 1-10 showed increases in semiconductors (45.9%), petroleum products (23.1%), and wireless communication devices (25.1%). The share of semiconductor exports reached 25.6%, up 5.0 percentage points from the same period last year. On the other hand, exports of passenger cars (-5.7%) and ships (-47.7%) declined.
By country, exports increased to China (12.9%), Vietnam (35.8%), the European Union (2.6%), and Taiwan (15.2%). The United States was the only one among the top 10 major countries to see a decrease in exports (-3.2%).
Imports from December 1 to 10 amounted to 20.6 billion dollars, up 8.0% from the same period last year. Imports of semiconductors (20.8%), semiconductor manufacturing equipment (13.3%), and machinery (12.8%) increased, while imports of crude oil (-11.5%) and gas (-11.8%) decreased. Regarding 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%) declined.
The trade balance for December 1-10 recorded a deficit of 70 million dollars, as imports exceeded exports. Including this, the cumulative trade surplus from January 1 to December 10 this year reached 65.776 billion dollars.
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