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

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

Exports started 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 on January 12, exports from January 1 to 10 amounted to 15.6 billion dollars, down 2.3% from the same period last year.

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

The number of working days was 7, 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 increased by 4.7% to 2.22 billion dollars.

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

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 January 10, imports totaled 18.2 billion dollars, down 4.5% from 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. Regarding major import sources, imports from the United States (15.1%), the European Union (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.