Despite More Working Days... Early September Exports Down 0.2% (Update)

Korea Customs Service Announces Export and Import Trends from September 1 to 10

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] In early September, South Korea's exports were hit again due to the global COVID-19 pandemic and the decline in oil prices.

The Korea Customs Service announced on the 11th that South Korea's exports from the 1st to the 10th of this month amounted to $15 billion, a 0.2% ($30 million) decrease compared to the same period last year.

During this period, the number of working days was 8.5, one day more than last year. Considering the number of working days, the average daily export value was $1.76 billion, down 11.9% ($240 million) from the same period last year.

By export item, semiconductors (43.2%), passenger cars (8.4%), and precision instruments (14.2%) increased, while wireless communication devices (-14.9%), petroleum products (-47.0%), and automobile parts (-7.9%) decreased.

By export destination, exports to China (9.7%), the United States (5.2%), and Vietnam (7.2%) increased, whereas exports to the European Union (EU, -0.8%), Japan (-21.1%), and the Middle East (-22.4%) decreased.

Recently, the number of COVID-19 cases has been rising mainly in major countries in Europe and the Middle East, showing signs of a resurgence of the infectious disease. The decline in global demand and worsening economic conditions have led to a continued drop in international oil prices, acting as a negative factor for exports.

Imports from the 1st to the 10th of this month amounted to $13.1 billion, a 7.6% ($1.08 billion) decrease compared to the same period last year.

By import item, semiconductors (12.8%), machinery (5.1%), and precision instruments (7.8%) increased, while crude oil (-11.9%), gas (-41.7%), and wireless communication devices (-22.2%) decreased.

During this period, imports from China (0.6%) and the EU (4.3%) increased, but imports from the United States (-14.9%), Japan (-15.6%), the Middle East (-37.1%), and Vietnam (-16.1%) decreased.

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