August Exports Down 9.9%... Government Says "Performing Well Compared to Major Countries" (Update)

Ministry of Industry's 'August Export-Import Trends'... $39.66 Billion Recorded
Average Daily Export Value and Decline Rate Improved Since COVID-19
US, China, and EU Average Daily Exports All Positive for First Time in 23 Months

[Asia Economy Reporter Kim Bo-kyung] Last month, our exports recorded $39.66 billion, a 9.9% decrease compared to the same month last year.

According to the 'August Export-Import Trends' announced by the Ministry of Trade, Industry and Energy on the 1st, last month's export amount was $39.66 billion, down 9.9% from August last year.

The ministry noted that despite the number of working days last month being 1.5 days fewer than last year, exports showed a single-digit decline for two consecutive months following July (-7.1%).

Considering the number of working days, the average daily export amount was $1.8 billion. This is the highest since April, when the impact of the COVID-19 pandemic was reflected in export performance.

Looking at the monthly average daily export amounts, it was $1.65 billion in April, $1.62 billion in May, $1.67 billion in June, and $1.71 billion in July, showing a gradual recovery.

Compared to August last year, the average daily export amount decreased by 3.8%, showing the smallest decline since COVID-19.

Exports to Korea's three major markets?the United States, China, and the European Union (EU)?all decreased by single digits. However, on a daily average basis, all three markets recorded positive growth for the first time in 23 months.

Exports to China decreased by 3.0% compared to the same month last year, while exports to the U.S. and the EU decreased by 0.4% and 2.5%, respectively. On a daily average basis, exports to China increased by 3.6%, and those to the U.S. and the EU increased by 6.4% and 4.1%, respectively.

The ministry evaluated that "relative to major countries," Korea performed well based on the export and trade growth rates of the top 10 major countries in the first half of the year announced by the World Trade Organization (WTO).

An official from the ministry stated, "While export performance of major countries was sluggish in the first half of the year, our exports and trade performed relatively well," adding, "Our trade ranking rose from 9th to 8th, marking a one-step increase for the first time in eight years."

Meanwhile, imports last month amounted to $35.54 billion, down 16.3% compared to the same month last year. The trade balance recorded a surplus of $4.116 billion, marking four consecutive months of surplus.

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