'First Exports of the New Year' Start with a Decline ... Down 2.3% Through the 10th (Update)

Korea Customs Service Reports Export and Import Trends for January 1-10
Semiconductor Exports Surge by 45.6%

Exports began the new year with a decline. However, semiconductor exports continued their strong performance, increasing by 45% compared to the same period last year.

According to the Korea Customs Service, exports from January 1 to 10 reached 15.6 billion dollars, a decrease of 2.3% compared to the same period last year, as announced on January 12.

Export vehicles are waiting to be loaded at Pyeongtaek Port, Gyeonggi Province. Photo by Kang Jin-hyung

The number of working days was seven, which is 0.5 days fewer than the 7.5 days recorded during the same period last year. Taking this into account, the average daily export value was 2.22 billion dollars, representing a 4.7% increase.

By item, exports increased for semiconductors (45.6%), petroleum products (13.2%), and wireless communication devices (33.7%) compared to the same period last year. The share of semiconductors in total exports expanded by 9.8 percentage points to 29.8%. In contrast, exports of passenger cars (-24.7%) and ships (-12.7%) declined.

By country, exports to China (15.4%), Vietnam (5.0%), and Taiwan (55.4%) increased, while exports to the United States (-14.7%) and the European Union (EU, -31.7%) decreased.

From the beginning of this month through the 10th, imports amounted to 18.2 billion dollars, a decrease of 4.5% compared to the same period last year. Imports of crude oil (2.2%) and petroleum products (0.3%) increased, while imports of semiconductors (-7.4%), gas (-42.0%), and machinery (-3.9%) decreased. For major trading partners, imports from the United States (15.1%), the EU (17.1%), and Vietnam (7.6%) increased, while imports from China (-9.4%) and Australia (-23.1%) decreased.

As imports exceeded exports, the trade balance for January 1 to 10 recorded a deficit of 2.7 billion dollars.