Early June exports up 20% YoY... "Base effect and working days impact" (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Export value from the 1st to the 10th of this month recorded $12.3 billion, a 20.2% increase compared to the same period last year.

Although the export shock caused by the novel coronavirus disease (COVID-19) remains, positive rebound news was announced after two months due to the base effect and the impact of the number of working days.

According to the Korea Customs Service on the 11th, export value from June 1 to 10 was $12.28 billion, an increase of 20.2% ($2.07 billion) compared to the same period last year.

Looking at major items, semiconductors (22.6%), wireless communication devices (35.8%), and pharmaceuticals (136.7%) increased, while petroleum products (-32.8%), passenger cars (-37.0%), and automobile parts (-30.2%) decreased.

By country, exports to China (35.7%), the United States (15.1%), Vietnam (7.7%), the EU (European Union, 22.2%), and Japan (10.0%) increased, whereas exports to the Middle East (-7.3%) and Australia (-29.5%) decreased.

This export rebound was largely influenced by the number of working days. During this period, the total number of working days was eight, two more than the same period last year. Considering the number of working days, the average daily export value was $1.54 billion, a 9.8% ($160 million) decrease compared to the same period last year, indicating that the impact of COVID-19 continues.

It is also analyzed that the base effect was caused by last year's poor export performance. Exports from June 1 to 10 last year were $10.2 billion, a 17.2% decrease compared to the same period the previous year. Major items such as semiconductors (-30.8%), petroleum products (-20.1%), passenger cars (-0.7%), and wireless communication devices (-5.9%) showed deteriorated export performance. The monthly export value ($44 billion) was also the lowest level that year.

Meanwhile, import value from the 1st to the 10th of this month was $13.6 billion, an 8.5% ($1.07 billion) increase compared to the same period last year.

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