"Semiconductors, Cars, and Wireless Communication All Increased"…Exports Soared 27% in Early This Month (Comprehensive)

Korea Customs Service Announces Export-Import Performance from December 1-10
Exports Up 27% to $16.3 Billion...Daily Average Rises 12%
Semiconductors Up 51%, Passenger Cars 22%, Wireless Communication 59%
First Double-Digit Monthly Export Growth in 26 Months

[Image source=Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Exports from December 1 to 10 this month recorded $16.3 billion, a significant increase of 26.9% compared to last year. Semiconductors, a key export item, rose by 52%, driving the strong performance. The government evaluated that "the export recovery trend is continuing."

According to the Korea Customs Service's announcement on December 11 regarding the 'Export and Import Status from December 1 to 10 (provisional customs clearance basis),' exports during this period amounted to $16.3 billion, up 26.9% ($3.45 billion) from the same period last year. The number of working days was one day more than last year. Considering the number of working days, the average daily export value increased by 11.9% to $1.92 billion.

By major export items, compared to the same period last year, semiconductors (52.1%), passenger cars (22.4%), wireless communication devices (59.6%), and automobile parts (34.0%) increased, while petroleum products (-36.8%) decreased.

Exports by country increased to China (12.1%), the United States (23.1%), the European Union (EU, 45.6%), Vietnam (51.5%), and Japan (22.5%), whereas exports to the Middle East (-33.6%) and Singapore (-25.1%) decreased.

An official from the Ministry of Trade, Industry and Energy explained, "The export recovery trend is continuing following last month," adding, "Except for petroleum products and items related to oil prices, most key items showed positive growth."

Semiconductors showed strong export performance recently due to new mobile product launches and increased demand for remote work and online education caused by COVID-19.

Wireless communication devices have continued their recovery trend since turning positive last month. These devices include mobile phones and phone components. The recent domestic and international new product launches, along with domestic companies achieving the number one market share in India, the world's second-largest smartphone market, were key factors.

Additionally, exports of eco-friendly vehicles and SUVs, mainly to Europe, increased, positively impacting passenger car export performance. Supported by strong finished car exports, automobile parts also saw an expanded growth rate.

The total number of working days in December is one day more than last year. Attention is focused on whether the double-digit growth trend will continue until the end of the month. If December exports increase by double digits compared to the same period last year, it will be the first time in 26 months since October 2018 (22.5%).

Meanwhile, imports from December 1 to 10 this month amounted to $15.4 billion, up 7.9% ($1.12 billion) from the same period last year. By import items, semiconductors (28.2%), passenger cars (85.4%), and precision instruments (8.8%) increased, while crude oil (-23.4%), machinery (-3.0%), and gas (-18.0%) decreased. Imports from China (20.6%), the EU (14.4%), the United States (4.3%), and Japan (23.0%) increased, but imports from the Middle East (-32.6%) declined.

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