Average Daily Exports Up 5.9% in Mid-October... "Recovery Trend Continues" (Comprehensive)

Customs Service Announces Export-Import Status for October 1-20
Operating Days Decrease by 1.5 Days... Export Value Down 5.8%
Semiconductor Exports Increase, Passenger Cars Down 7.6%

[Asia Economy Reporter Kim Bo-kyung] Export value from the 1st to the 20th of this month recorded $25.2 billion, a 5.8% decrease compared to the same period last year. However, due to strong semiconductor exports, the average daily performance increased by 5.9%. The government positively evaluated this, stating that "the export recovery trend is continuing."

According to the export-import status (customs clearance provisional data) announced by the Korea Customs Service on the 21st for October 1-20, exports during this period amounted to $25.2 billion, down 5.8% (-$1.56 billion) compared to the same period last year.

The number of working days was 12, 1.5 days fewer than last year. Considering this, the average daily export value increased by 5.9% ($120 million) to $2.1 billion.

By export item, semiconductors (12.1%), precision instruments (1.9%), and computer peripherals (10.5%) increased, while passenger cars (-7.6%), wireless communication devices (-1.7%), and petroleum products (-42.1%) decreased.

By country, exports increased to Vietnam (0.7%), the European Union (EU, 13.8%), and Canada (38.8%), while exports to China (-4.6%), the United States (-2.3%), and Japan (-17.0%) decreased.

An official from the Ministry of Trade, Industry and Energy explained, "Although semiconductors are representative, excluding items like petroleum products that halved due to low oil prices, overall exports contributed to the recovery."

He added, "Exports turned positive for the first time last month since the COVID-19 outbreak. Due to the number of working days, negative figures were inevitable until mid-year, but the good trend seems to be continuing."

Exports in September increased by 7.6% compared to the same month last year. This marked a positive turnaround seven months after the spread of the novel coronavirus disease (COVID-19) earlier this year. Whether this export recovery trend continues this month is crucial. However, the number of working days this month is two days fewer than last October due to the Chuseok holiday travel, creating unfavorable conditions.

Imports during this period recorded $24.7 billion, a 2.8% decrease (-$700 million) compared to the same period last year. As a result, the trade balance showed a surplus of $4.4 billion.

By import item, semiconductors (28.5%), machinery (15.9%), and precision instruments (9.8%) increased, while crude oil (-32.7%), gas (-17.4%), and passenger cars (-11.0%) decreased.

By country, imports increased from China (3.7%), the EU (17.3%), the United States (2.5%), and Japan (6.3%), but decreased from the Middle East (-37.6%), Vietnam (-6.4%), and Australia (-6.2%).

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