Exports Down 20.3% from 1st to 20th... Automobiles Down 58%, Petroleum Products Down 68% (Update)

Semiconductors Increase by 13.4%

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chae-seok] Due to the global pandemic of the novel coronavirus infection (COVID-19), export value from the 1st to the 20th of this month decreased by more than 20% compared to last year. Automobile exports fell by nearly 60%, and petroleum product exports dropped by nearly 70%. Exports to major countries such as the United States and the European Union (EU) also failed to avoid a downward trend.

According to the Korea Customs Service on the 21st, the export value from May 1 to 20 (provisional customs clearance basis) was $20.318 billion, down 20.3% ($5.18 billion) compared to the same period last year.

The number of working days during this period was 13.5, the same as the previous year. Considering the number of working days, the average daily export value was $1.51 billion, a 20.3% decrease from $1.89 billion during the same period last year.

Due to the impact of COVID-19, global demand declined, resulting in poor export performance. Passenger cars (-58.6%) and petroleum products (-68.6%) saw significant drops, and wireless communication devices (-11.2%) also decreased.

However, semiconductors increased by 13.4%, showing a recovery compared to last month's -14.9% and -17.8% from the 1st to the 10th. Ship exports increased by 31.4%.

Looking at export performance by country, most showed a decline: China (-1.7%), the United States (-27.9%), the EU (-18.4%), Vietnam (-26.5%), Japan (-22.4%), and the Middle East (-1.2%).

Exports to China, which account for 25.1% of Korea's exports, decreased by -1.7%, narrowing the decline from -29.4% during the 1st to the 10th.

Imports from the 1st to the 20th amounted to $22.998 billion, down 16.9% ($4.66 billion) compared to the same period last year. The trade balance recorded a deficit of $2.68 billion.

Compared to the same period last year, imports of information and communication devices (13.1%), machinery (0.1%), and passenger cars (27.2%) increased. Semiconductors (-8.6%), crude oil (-69.3%), and gas (-7.3%) decreased.

By country, imports from the EU (18.7%) and Vietnam (14.1%) increased, while those from China (-3.6%), the United States (-24.1%), Japan (-7.9%), and the Middle East (-67.5%) decreased.

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