Exports Jump 44.4% in February 1-10...Semiconductors Surge 137.6% (Updated)

Korea Customs Service, Export and Import Performance for February 1-10

The upward trend in exports is continuing in February. Semiconductor exports increased by more than 137% in the first 10 days of this month, driving the overall growth in exports.

According to the export and import performance for February 1 to 10 released by the Korea Customs Service on the 11th, exports came to 21.4 billion dollars, up 44.4% from the same period a year earlier.

Cargo containers are stacked at Pyeongtaek Port as seen from the air. Photo by Kang Jinhyung

The number of working days was 7.5, which is 0.5 days more than in the same period last year (7.0 days). Taking this into account, average daily exports rose 34.8% to 2.85 billion dollars.

By item, exports of semiconductors (137.6%), petroleum products (40.1%), and wireless communication devices (27.9%) increased year-on-year, while exports of passenger cars (-2.6%) and ships (-29.0%) decreased. With semiconductor exports rising sharply, the share of semiconductors in total exports reached 31.5%, expanding by 12.3 percentage points.

Exports to all of the top 10 trading partners increased, including China (54.1%), the United States (38.5%), Vietnam (38.1%), the European Union (EU, 12.2%), and Taiwan (101.4%).

Imports totaled 20.7 billion dollars, up 21.1% from a year earlier. Imports of semiconductors (32.2%) and semiconductor manufacturing equipment (69.1%) increased, while imports of crude oil (-19.7%) and gas (-2.2%) decreased. By country, imports from China (65.5%), the EU (39.4%), the United States (4.0%), and Japan (0.5%) increased, while imports from Saudi Arabia (-30.3%) and others decreased.

As of the 10th of this month, the trade balance recorded a surplus of 644 million dollars. Including this, the cumulative trade surplus for the year reached 9.359 billion dollars.