Early October exports down 28.8%... Chuseok reflected in daily average performance up 2.8% (Update)

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Due to the shortened number of working days during the Chuseok holiday, export performance in early this month decreased by 28.8%. However, the average daily export performance, considering the number of working days, increased by 2.8%. By item, automobiles showed a decline, and by country, China, the United States, and the European Union (EU) exhibited a downward trend.

On the 12th, the Korea Customs Service announced that from the 1st to the 10th of this month, South Korea's exports amounted to $9.3 billion, down 28.8% ($3.77 billion) compared to the same period last year.

During this period, the number of working days was 4.5, two days fewer than the same period last year. The average daily export value, considering the number of working days, was $2.07 billion, a 2.8% increase from $2.01 billion in the same period last year.

By export item, semiconductors increased by 11.2%, but passenger cars (-36%), wireless communication devices (-16.5%), and petroleum products (-58.4%) decreased.

By export destination, exports to China (-20.9%), the United States (-33.5%), the EU (-27.2%), and Vietnam (-15.6%) declined. All major markets failed to escape the downward trend.

Imports from the 1st to the 10th of this month totaled $11.1 billion, down 19.5% ($2.69 billion) compared to the same period last year.

By import item, semiconductors (7.3%), machinery (0.7%), and semiconductor manufacturing equipment (19.6%) increased, while crude oil (-30.2%), gas (-36.6%), and precision instruments (-14.1%) decreased.

By country, imports from China (-12.1%), the United States (-9.2%), the EU (-1.9%), the Middle East (-41.4%), Japan (-19.5%), and Vietnam (-17.1%) decreased.

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