Q3 First Export Performance -1.7%... No Variable in Operating Days (Update)

Operating days unchanged at 8.5 days YoY
Semiconductors up 7.7%·Cars up 7.3%
Petroleum products down 42.2%·Car parts down 34%
Exports to China up 9.4%·Exports to the US up 7.3%

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Exports started the third quarter in the negative. Export value from the 1st to the 10th of this month was $13.3 billion, down 1.7% compared to the same period last year.

The export shock caused by the impact of the novel coronavirus disease (COVID-19) has not yet been shaken off. Since the number of working days was the same as the same period last year, this variable did not affect the results.

According to the Korea Customs Service on the 11th, export value from the 1st to the 10th was $13.3 billion, a decrease of 1.7% ($230 million) compared to the same period last year.

Looking at major items, semiconductors (7.7%), passenger cars (7.3%), and ships (307%) increased. Petroleum products (-42.2%), wireless communication devices (-9.7%), and automobile parts (-34%) decreased.

By country, China and the United States, which are the top two export destinations for South Korea, increased by 9.4% and 7.3%, respectively. Vietnam also rose by 4.1%. Japan (-20.8%), Hong Kong (-6.9%), and the Middle East (-32%) declined.

The number of working days was 8.5, the same as the previous year. Accordingly, the average daily export value, considering the number of working days, also remained at $1.56 billion, down 1.7% from the previous year.

Compared to last year, the clear variable is the impact of COVID-19. This can be interpreted as meaning that the decline in export performance has not completely shaken off the effects of COVID-19.

Meanwhile, import value from the 1st to the 10th of this month was $14.1 billion, down 9.1% ($1.42 billion) compared to the same period last year.

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