Only $16.9 Billion Left to Reach $700 Billion Export Target This Year: Goal Considered Achievable (Update)

Korea Customs Service Releases Preliminary Trade Figures for December 1?20

Exports for December 1-20 reached $43 billion, driven by strong performance in semiconductors, one of Korea's main export items. With only $16.9 billion remaining to achieve this year's annual target of $700 billion, it is considered highly likely that the goal will be met.

According to the Korea Customs Service on December 22, exports from December 1 to 20 amounted to $43 billion, a 6.8% increase compared to the same period last year. The export growth trend, which began in June this year, has continued for seven consecutive months through December.

Export vehicles and containers are waiting to be loaded at Pyeongtaek Port, Gyeonggi Province. Photo by Reporter

The government’s annual export target of $700 billion, set at the beginning of the year, also appears within reach. As of December 20, cumulative exports for the year totaled $683.146 billion, leaving only $16.854 billion needed to hit the $700 billion mark. Exports from December 21 to 31 last year were $21.1 billion. If last year’s level is maintained, this year’s exports will exceed the target by more than $4.2 billion.

The number of working days for December 1-20 was 16.5, 0.5 days more than the same period last year (16 days). Taking this into account, average daily exports rose 3.6% to $2.61 billion.

Semiconductor exports surged 41.8% year-on-year, leading the overall export growth. Exports of wireless communication devices (17.8%) and computer peripherals (49.1%) also increased. In contrast, exports of passenger cars (-12.7%), petroleum products (-1.0%), and steel products (-7.7%) declined. By country, exports to China (6.5%), Vietnam (20.4%), and Taiwan (9.6%) increased, while those to the United States (-1.7%) and the European Union (EU, -14.0%) decreased.

Imports for December 1-20 totaled $39.2 billion, a 0.7% increase from the same period last year. Imports of semiconductors (11.8%), machinery (3.5%), and precision instruments (12.5%) rose, while imports of crude oil (-3.2%) and gas (-15.0%) declined.

As exports exceeded imports, the trade balance for December 1-20 recorded a surplus of $3.8 billion. Including this, the cumulative trade surplus from January 1 to December 20 this year reached $69.661 billion.