October Exports Down 3.6%... "Daily Average Exports Up $2.1 Billion for the First Time in 13 Months" (Update)

October Export-Import Trends Announced by Ministry of Industry on 1st
Daily Average Growth Rate 5.6%, Highest in 2 Years
Semiconductor and Automobile Export Values Increase, Showing Strong Performance
Four Major Export Markets Show Positive Daily Average Exports

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Last month, South Korea's exports recorded $44.98 billion, a 3.6% decrease compared to the same month last year.

Although total exports turned negative after a month, the average daily exports improved, surpassing $2.1 billion for the first time in over a year.

According to the 'October Export-Import Trends' released by the Ministry of Trade, Industry and Energy on the 1st, last month's exports amounted to $44.98 billion, down 3.6% from October last year.

This marks a decline after a positive rebound seven months following the spread of COVID-19 in September.

The ministry stated, "Although total exports slightly decreased due to two fewer working days compared to last year, average daily exports rebounded positively for the first time in nine months."

Considering the number of working days last month, the average daily export value recorded $2.14 billion, a 5.6% increase compared to the same month last year. This is the first time in 13 months that average daily exports have entered the $2.1 billion range, and the growth rate (5.6%) is the highest in the past two years.

By export item, among the 15 major items, seven items including semiconductors, automobiles, and displays increased.

Semiconductor exports recorded positive growth for four consecutive months and surpassed $8 billion for three consecutive months. Automobile exports increased for two consecutive months and exceeded $4 billion for the first time since November 2017.

Biohealth exports surpassed $10 billion annually for the first time ever, driven by strong demand for diagnostic kits.

Displays recorded positive growth for the first time in 26 months, while petroleum products and petrochemicals showed negative growth for 22 and 23 consecutive months respectively due to low oil prices.

By export destination, exports decreased to China (-5.7%), ASEAN (-5.8%), Japan (-18.6%), the Middle East (-19.2%), Latin America (-17.7%), and India (-6.1%). However, exports increased to the United States (3.3%) and the European Union (EU, 9.5%).

The ministry explained, "Exports to China recorded negative growth due to the eight-day holiday period in early October," but added, "For the first time in 25 months, average daily exports were positive across the four major markets: China, the United States, the EU, and ASEAN."

Last month's imports decreased by 5.8% compared to the same month last year, totaling $39 billion. As a result, the trade balance recorded a surplus of $5.98 billion for six consecutive months.

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