Only $16.9 Billion Left to Reach This Year's $700 Billion Export Target... "Achievable" (Update)

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

Exports for December 1-20 reached 43 billion dollars, driven by strong performance in semiconductors, one of Korea's key export items. With only 16.9 billion dollars left to reach this year's annual target of 700 billion dollars, experts believe that achieving the goal is within reach.

According to the Korea Customs Service on December 22, export value for December 1-20 was 43 billion dollars, up 6.8% from the same period last year. The export growth trend that began in June of 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 dollars, set at the beginning of the year, also appears attainable. As of December 20, the cumulative export value for this year stands at 683.146 billion dollars, leaving only 16.854 billion dollars to reach the 700 billion dollar mark. From December 21-31 last year, exports amounted to 21.1 billion dollars. If last year's level is maintained, exports will exceed 700 billion dollars by more than 4.2 billion dollars.

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

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 exports to the United States (-1.7%) and the European Union (EU, -14.0%) decreased.

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

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