Korea Customs Service Releases Export and Import Status for January 1?20
Semiconductor Exports Surge by 70.2%
Ministry of Trade: "Focusing Efforts on Achieving 700 Billion Dollars in Exports for Second Consecutive Year"
As of January 20, exports had increased by nearly 15% compared to the same period last year. Strong performance in the semiconductor sector drove the overall export results. The government expects the upward trend in exports, which began in June of last year, to continue for eight consecutive months through this month.
According to the "Export and Import Status for January 1-20 (Preliminary)" released by the Korea Customs Service on January 21, export value reached 36.4 billion dollars, a 14.9% increase from the same period last year. This surpassed the previous record of 34.6 billion dollars set during January 1-20, 2022, marking a new all-time high.
The number of business days stood at 14.5, unchanged from the same period last year. Taking this into account, the average daily export value also increased by 14.9%, reaching 2.51 billion dollars.
The growth in exports was led by semiconductors. Compared to the same period last year, exports of semiconductors (up 70.2%), petroleum products (up 17.6%), and wireless communication devices (up 47.6%) increased. In contrast, exports of passenger vehicles (down 10.8%) and auto parts (down 11.8%) declined, resulting in the share of semiconductor exports rising by 9.6 percentage points to 29.5%. By country, exports to China (up 30.2%), the United States (up 19.3%), and Vietnam (up 25.3%) increased, while exports to the European Union (down 14.8%) and Japan (down 13.3%) decreased.
From January 1 to 20, imports totaled 37 billion dollars, a 4.2% increase from the same period last year. Imports of semiconductors (up 13.1%) and semiconductor manufacturing equipment (up 42.3%) rose, while imports of crude oil (down 10.7%), gas (down 23.1%), and machinery (down 0.7%) fell. Imports from China (up 3.1%), the United States (up 5.3%), the European Union (up 26.6%), and Australia (up 15.9%) increased, while imports from Japan (down 0.1%) and Saudi Arabia (down 25.1%) decreased. As imports exceeded exports, the trade balance for January 1-20 recorded a deficit of 600 million dollars.
The government has set this year’s export target at 700 billion dollars. Following last year’s 709.4 billion dollars, the aim is to achieve over 700 billion dollars in exports for a second consecutive year. The export growth trend is expected to continue for the eighth straight month. An official from the Ministry of Trade, Industry and Energy stated, "Given the export growth up to January 20, we expect overall exports for January to remain positive," adding, "While the strong performance in semiconductors is a positive factor, there are ongoing trade risks such as the full implementation of the EU Carbon Border Adjustment Mechanism (CBAM) and new steel import regulations this year. Therefore, we will focus all our efforts on achieving 700 billion dollars in exports for a second consecutive year."
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