"How Long Will the COVID Shock Last?"... Exports Down 7.5% from 1st to 20th This Month (Update)

Korea Customs Service Announces Export-Import Status on 22nd
Average Daily Export Value Down 16.2% Year-on-Year

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Due to the prolonged slump in exports caused by the impact of the novel coronavirus disease (COVID-19), export value from June 1 to 20 decreased by 7.5% compared to the same period last year.

According to the export-import status announced by the Korea Customs Service on the 22nd, export value from June 1 to 20 recorded $25 billion, down 7.5% ($2.04 billion) from the same period last year.

During this period, the total number of working days was 16, which is 1.5 days more than last year. Considering the number of working days, the average daily export value was $1.56 billion, a decrease of 16.2% ($310 million) compared to the previous year.

Due to the prolonged COVID-19 situation, the decline in exports of our main products, such as automobiles, continues, and major markets like the United States and the European Union (EU) are struggling to recover.

By export item, semiconductors (2.6%), ships (35.5%), and wireless communication devices (10.9%) increased, while passenger cars (-36.7%), petroleum products (-40.9%), and home appliances (-14.9%) decreased.

By country, exports to China (14.5%) and Singapore (16.7%) increased, whereas exports to the United States (-10.0%), the EU (-13.9%), Vietnam (-8.0%), Japan (-16.0%), and the Middle East (-19.0%) decreased.

Meanwhile, imports during this period amounted to $24.5 billion, down 12.0% ($3.36 billion) compared to the same period last year.

Regarding import items, semiconductors (1.0%), semiconductor manufacturing equipment (113.1%), and precision instruments (4.1%) increased, while crude oil (-63.3%), gas (-19.2%), and wireless communication devices (-13.8%) decreased.

By country, imports from China (0.7%), the EU (10.2%), and Taiwan (7.4%) increased, while imports from the United States (-6.2%), Japan (-7.3%), the Middle East (-50.6%), and Vietnam (-0.7%) decreased.

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