Exports Negative for 14 Consecutive Months... "Due to Decrease in Operating Days" (Update)

January Exports Down 6.1% Year-on-Year
"Minimal Impact from New Coronavirus"
Daily Average Exports Positive for First Time in 14 Months

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Our exports continued to decline into the new year, marking 14 consecutive months of negative growth.

According to the 'January 2020 Export-Import Trends' released by the Ministry of Trade, Industry and Energy on the 1st, last month's export value (based on customs clearance) was $43.35 billion, down 6.1% compared to the same month last year. The decline in exports was larger than December last year (-5.2%).

Thus, our exports have continued a negative streak for 14 consecutive months since December 2018.

The Ministry of Trade, Industry and Energy explained that the decrease in January exports was due to a shortage of working days (-2.5 days) caused by the Lunar New Year holiday, and that the impact of the novel coronavirus infection (Wuhan pneumonia) was minimal.

Excluding the effect of working days, the average daily export value recorded $2.02 billion, an increase of 4.8% compared to the same month last year. This is the first time in 14 months that average daily exports turned positive. The average daily export volume increased by 0.4%.

Export unit prices also rebounded for the first time in 14 months. Last month, export unit prices increased by 4.4% compared to the same month last year, turning positive for the first time since December 2018.

The decline rate of semiconductor exports last month (-3.4%) was the lowest in 14 months. As semiconductor unit prices recovered, the export decline rate showed the lowest level since December 2018.

While NAND fixed prices have been rising for seven consecutive months, DRAM fixed prices also rebounded for the first time in 14 months.

Meanwhile, last month's imports amounted to $42.73 billion, down 5.3% compared to the same month last year. The trade balance recorded a surplus of $620 million, marking 96 consecutive months of surplus.

This content was produced with the assistance of AI translation services.