Exports Increased from 1st to 20th... But Daily Exports to China and Japan Decreased Due to COVID-19 (Update)

Korea Customs Service Announces Export and Import Status from February 1 to 20

[Asia Economy Reporter Kim Bo-kyung] South Korea's export value from the 1st to the 20th of this month reached 26.3 billion dollars, marking a 12.4% increase compared to the same period last year. However, due to the impact of the novel coronavirus disease (COVID-19), exports and imports to China and the average daily export value decreased.

According to the Korea Customs Service on the 21st, the export value from February 1 to 20 (provisional customs clearance basis) was 26.25 billion dollars, a 12.4% (2.91 billion dollars) increase compared to the same period last year. The increase was largely influenced by three more working days than last year due to the Lunar New Year holiday movement.

As the COVID-19 situation prolonged, the average daily export value declined. Considering the number of working days during this period, the average daily export value was 1.69 billion dollars, down 9.3% from last year's 1.87 billion dollars.

By product category, exports of semiconductors (15.4%), automobile parts (40.6%), and wireless communication devices (8.2%) increased compared to the previous year, while petroleum products (-4.1%), passenger cars (-0.1%), and ships (-29.0%) decreased.

By country, exports to the United States (24.2%), Vietnam (19.8%), the European Union (EU, 12.8%), and Japan (7.1%) increased, whereas exports to China (-3.7%) and Singapore (-26.7%) decreased.

Earlier, from the 1st to the 10th of this month, exports to China had increased by 36.0% compared to the same period last year. However, as the COVID-19 impact prolonged, exports to China turned to a declining trend.

Imports from the 1st to the 20th of this month amounted to 25.6 billion dollars, a 4.7% (1.16 billion dollars) increase compared to the same period last year.

By product, imports of gas (5.0%), petroleum products (52.1%), and passenger cars (56.9%) increased, while crude oil (-1.9%), machinery (-4.5%), and coal (-32.7%) decreased.

By country, imports from the United States (38.6%), the EU (19.8%), Japan (2.6%), and Vietnam (8.2%) increased, whereas imports from the Middle East (-6.5%), China (-18.9%), and Australia (-10.5%) decreased.

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