Early August Daily Average Exports -12.7%... Double-Digit Decline (Update)

by Moon Chaeseok

Published 11 Aug.2020 09:00(KST)

Major Items and Top 3 Market Performances All Decline
Semiconductors -6.8%·Petroleum Products -45.8%·Wireless Communication Devices -43.6%
China -11.3%·USA -22.3%·EU -13.9%

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Exports in early August recorded a double-digit decline. Export value from the 1st to the 10th of this month amounted to $8.7 billion, down 23.6% compared to the same period last year.

Although expectations had risen as the decline in exports had been narrowing, the prolonged impact of the novel coronavirus infection (COVID-19) still appears to linger. The average daily performance, considering the number of working days, was also lower than last year.

According to the Korea Customs Service on the 11th, export value from the 1st to the 10th was $8.7 billion, a decrease of 23.6% ($2.7 billion) compared to the same period last year.

Major item performances were weak. By item, semiconductors (-6.8%), petroleum products (-45.8%), and wireless communication devices (-43.6%) showed sluggishness. The decline in the information and communication technology (ICT) sector, which had benefited from increased non-face-to-face consumption, is notable. Only computer peripherals (62.3%) increased.

It is also painful that the performances of South Korea's three major export markets?China, the United States, and the European Union (EU)?all worsened. They recorded -11.3% for China, -22.3% for the U.S., and -13.9% for the EU, respectively. Additionally, Vietnam (-23.5%), Japan (-27.8%), and the Middle East (-51.2%) also declined consecutively.

The number of working days was 7, fewer than the 8 days in the same period last year, but the average daily export value considering working days was also poor. The average daily export value, adjusted for working days, was $1.25 billion, down 12.7% compared to the same period last year.