Exports up 11% by the 20th of this month... "Recovery trend, need to monitor COVID-19 situation" (Comprehensive Report 2)

Korea Customs Service Announces Export-Import Performance from November 1-20
Average Daily Export Value $1.95 Billion...7.6% Increase YoY
Concerns Over Domestic Production Disruptions and Overseas Export Market Impact

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Export value from the 1st to the 20th of this month recorded $31.3 billion, an increase of about 11% compared to the same period last year. Semiconductor and automobile exports increased by 22% and 12%, respectively, contributing to the improved performance. However, the resurgence of the novel coronavirus infection (COVID-19) domestically and internationally poses a threat to our exports.

According to the 'Export and Import Status from November 1 to 20 (Customs Clearance Basis, Preliminary)' announced by the Korea Customs Service on the 23rd, exports during this period amounted to $31.3 billion, up 11.1% ($3.12 billion) from the same period last year.

The number of working days from the 1st to the 20th of this month was 16, which is 0.5 days more than last year. Considering the number of working days, the average daily export value was $1.95 billion, an increase of 7.6% ($130 million) compared to the same period last year.

By major export items, semiconductors (21.9%), passenger cars (11.9%), and wireless communication devices (36.2%) increased, while petroleum products (-48.2%), computer peripherals (-1.9%), and home appliances (-3.1%) decreased. By country, exports to China (7.2%), the United States (15.4%), and the European Union (EU, 31.4%) increased, but exports to Japan (-7.2%), the Middle East (-21.8%), and Australia (-15.2%) decreased.

Monthly exports this year decreased for six consecutive months from March to August due to the shock of the COVID-19 pandemic but rebounded by 7.6% in September due to an increase in working days and other factors. However, they retreated by 3.6% last month, which included the Chuseok holiday.

An official from the Ministry of Trade, Industry and Energy explained, "So far, the average daily export value has also shown a positive trend, continuing the recovery, but we need to observe the situation until the end of the month." He added, "The number of working days this month is 0.5 days less than in November last year."

He stated, "If factory shutdowns due to the domestic resurgence of COVID-19 affect production volume, there could be difficulties in exports, but such trends have not yet been identified." He also noted, "The resurgence of COVID-19 in regions where exports are recovering, such as Europe and the United States, is a concerning factor."

Meanwhile, imports during this period amounted to $28 billion, an increase of 1.3% ($360 million) compared to the same period last year.

By major import items, semiconductors (26.4%), machinery (11.7%), and precision instruments (15.3%) increased, while crude oil (-46.9%), wireless communication devices (-0.2%), and gas (-30.2%) decreased. Imports from China (16.7%), the EU (31.7%), and Japan (16.7%) increased, but imports from the United States (-19.5%), the Middle East (-43.5%), and Vietnam (-7.9%) decreased.

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