Exports Halved from Days 1 to 10 Due to COVID-19... Automobiles Down 80%, Semiconductors Down 17.8% (Update)

Korea Customs Service Announces Export-Import Status for May 1-10
Exports Down 46.3% YoY to 6.9 Billion USD
Imports at 9.6 Billion USD...Trade Deficit of 2.6 Billion USD

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Due to the impact of the novel coronavirus infection (COVID-19), export value from the 1st to the 10th of this month dropped to half the level of last year. Automobile exports decreased by more than 80%, and exports to major countries such as the United States and the European Union (EU) fell by more than half.

According to the Korea Customs Service on the 11th, the export value (provisional customs clearance basis) from May 1 to 10 was $6.919 billion, down 46.3% ($5.96 billion) compared to the same period last year.

The number of working days during this period was 5 days, 1.5 days fewer than the same period last year. Considering the number of working days, the average daily export value was $1.38 billion, a 30.2% decrease from $1.98 billion in the same period last year.

Due to weakened demand caused by the spread of COVID-19, semiconductor exports decreased by 17.8% compared to the same period a year ago. Considering that semiconductor exports decreased by 14.9% in April, it is analyzed that exports have worsened further this month. Other items such as passenger cars (-80.4%), wireless communication devices (-35.9%), and petroleum products (-75.6%) also decreased, while ship exports increased by 55.0%.

By country, exports to China (-29.4%), the United States (-54.8%), the EU (-50.6%), Vietnam (-52.2%), Japan (-48.4%), and the Middle East (-27.3%) decreased. Exports to major countries such as the United States and the EU, where the spread of COVID-19 continued, fell by more than half.

During this period, imports amounted to $9.551 billion, down 37.2% ($5.65 billion) compared to the same period last year. As a result, the trade balance recorded a deficit of $2.632 billion.

Imports of semiconductor manufacturing equipment increased by 69.7%, but semiconductors (-18.6%), crude oil (-73.8%), machinery (-19.9%), and precision instruments (-20.1%) decreased.

By country, imports from Hong Kong increased by 67.8%, while those from China (-23.6%), the EU (-7.6%), the United States (-49.8%), the Middle East (-72.4%), Japan (-24.7%), and Vietnam (-13.9%) mostly decreased.

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