Semiconductors Drive Strong Export Performance... "Exports Expected to Stay Positive for 9 Consecutive Months" (Comprehensive)

Korea Customs Service, Export and Import Performance for February 1?20
Exports up 23.5% despite fewer working days
"Supercycle Semiconductors" surge 134.1%

Exports are on the rise this month on the back of a semiconductor boom driven by a supercycle. Unlike last year, the Lunar New Year holidays fell in February this year, resulting in 2.5 fewer working days, yet total exports still recorded an increase of more than 23%. The government expects exports for the whole of February to also be in positive territory, projecting that the export growth that began in June last year will continue for a ninth consecutive month.

According to the "Export and Import Performance for February 1-20" released by the Korea Customs Service on the 23rd, exports during this period amounted to 43.5 billion dollars, up 23.5% from the same period a year earlier. This is the highest figure ever recorded for the same period. The previous record was 43.0 billion dollars posted from December 1-20 last year.

Containers are piled up at Pyeongtaek Port in Gyeonggi Province. Photo by Kang Jinhyung

The number of working days was 13, which is 2.5 days fewer than the 15.5 days in the same period last year. Taking this into account, average daily exports came to 3.35 billion dollars, an increase of 47.3%.

By item, exports of semiconductors (134.1%), petroleum products (10.5%), and computer peripherals (129.2%) increased compared with a year earlier, while exports of passenger cars (-26.6%) declined. As a result, the share of semiconductors in total exports expanded by 16.4 percentage points to 34.7%. Exports to all of the top 10 trading partners increased, including China (30.8%), the United States (21.9%), Vietnam (17.6%), the European Union (EU, 11.4%), and Taiwan (76.4%).

Imports for the first 20 days of this month came to 38.6 billion dollars, up 11.7% from a year earlier. Imports of semiconductors (19.2%), crude oil (0.8%), and semiconductor manufacturing equipment (28.5%) increased. Among the top 10 import items, only machinery (-6.0%) decreased. By country, imports from China (38.6%), the EU (10.5%), Vietnam (32.4%), and Taiwan (8.5%) rose, while imports from the United States (-3.2%) and Japan (-9.2%) fell.

The trade balance for February 1-20 recorded a surplus of 4.949 billion dollars. Consequently, the cumulative trade surplus from January 1 this year through the 20th of this month reached 13.664 billion dollars.

An official at the Ministry of Trade, Industry and Energy said, "As semiconductor exports have increased significantly, exports continued to grow through the 20th of this month despite the fewer working days," adding, "For February as a whole, the number of working days is three fewer than in the same period last year, but if this trend continues, exports are expected to maintain their upward momentum and grow for a ninth consecutive month."