First Export of the New Year Down 15.4% to $11.2 Billion... Daily Average Up 5.8% (Update)

KCS Announces Export and Import Status from January 1 to 10.

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] The first export performance of the new year showed a decline. Exports from the 1st to the 10th of this month recorded $11.2 billion, down 15.4% compared to the same period last year.

According to the 'January 1-10 Export and Import Status (Customs Clearance Basis, Preliminary)' announced by the Korea Customs Service on the 11th, exports during this period were $11.2 billion, a decrease of 15.4% ($2.04 billion) compared to the same period last year.

Due to 1.5 fewer working days, the average daily export amount increased by 5.8% compared to the same period last year, reaching $1.87 billion.

By item, compared to the same period last year, ships (43.4%) and wireless communication devices (43.3%) increased, while semiconductors (-0.3%), petroleum products (-62.9%), and precision instruments (-13.5%) decreased.

Exports by country showed a decline in China (-5.6%), the United States (-3.8%), Vietnam (-13.4%), the European Union (EU, -10.2%), Japan (-31.6%), and the Middle East (-49.3%).

However, the EU export figure excludes the UK’s performance after the EU withdrawal grace period ended on December 31 last year; including the UK, the decrease is -3.9%.

Imports amounted to $11.8 billion, down 22.9% ($3.52 billion) compared to the same period last year.

By import item, semiconductors (10%), wireless communication devices (10.1%), and passenger cars (95.2%) increased, while crude oil (-52.6%), machinery (-19.1%), and gas (-41.7%) decreased.

By country, imports from Japan (8%) and Taiwan (18.7%) increased, but imports from China (-16%), the United States (-39.2%), the EU (-14.2%), and the Middle East (-64.1%) decreased.

Including the UK’s performance, imports from the EU decreased by -4.1%.

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