Export Concerns Amid COVID-19... Average Daily Exports Down 2.5% from 1st to 10th (Update)

Korea Customs Service Announces 'Export and Import Status from March 1 to 10'

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] From the 1st to the 10th of this month, export value recorded $13.3 billion, a 21.9% increase compared to the same period last year. However, the average daily export value decreased, raising concerns about sluggish trade due to the impact of the novel coronavirus infection (COVID-19).

According to the Korea Customs Service on the 11th, the export value from March 1 to 10 (provisional customs clearance basis) was $13.339 billion, up 21.9% ($2.4 billion) from the same period last year. The number of working days during this period was 7.5 days, 1.5 days more than last year, which was a significant factor.

Considering the number of working days, the average daily export value was $1.78 billion, down 2.5% ($40 million) from $1.82 billion during the same period last year.

If the impact of COVID-19 prolongs, the overall export in March is expected to be affected due to weak demand caused by the global economic slowdown.

Semiconductor exports increased by 22.0% compared to the same period a year ago. Other items such as petroleum products (30.6%), passenger cars (11.8%), and wireless communication devices (17.3%) also increased, while ships (-63.2%) and liquid crystal devices (-12.9%) decreased.

By country, exports to China (14.8%), the United States (45.4%), Vietnam (27.2%), Japan (22.7%), and the Middle East (51.0%) increased, while exports to the European Union (EU, -0.4%) decreased.

Meanwhile, imports during this period amounted to $13.298 billion, up 14.2% ($1.66 billion) from the same period last year.

Imports of semiconductors (25.9%), machinery (3.7%), and petroleum products (85.3%) increased, but crude oil (-8.6%), coal (-16.9%), and passenger cars (-0.1%) decreased.

By country, imports from China (12.1%), the United States (4.5%), the EU (24.1%), Japan (14.8%), and Vietnam (36.7%) increased, while imports from Australia (-4.7%) and Canada (-17.1%) decreased.

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