First Export Daily Average Hits $2.13 Billion in New Year... January Records All-Time High (Update)

January Export and Import Trends

Total exports reached $48.01 billion... up 11.4% from the previous year
Imports at $44.05 billion, up 3.1%

'Semiconductors, wireless communication devices, displays, home appliances, computers, secondary batteries' show double-digit growth for 5 consecutive months
Petrochemicals and steel also rebound positively

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy, Reporter Ju Sang-don] Exports started the new year on a strong note. The upward trend that began in November last year continued for three consecutive months. In particular, the daily average export value surpassed $2.1 billion for the first time, marking the highest level ever recorded for January.

According to the Ministry of Trade, Industry and Energy on the 1st, January exports amounted to $48.01 billion, an increase of 11.4% compared to the same period last year. This marks the third consecutive month of growth following increases of 4.1% in November and 12.6% in December last year.

Total exports showed double-digit growth for two consecutive months. This is the first time in 40 months since August-September 2017.

Considering the number of working days, the daily average export value also reached $2.13 billion, surpassing $2.1 billion for the first time. This is the highest level ever recorded for January. It is the first time since January-March 2018 that both total exports and daily average exports have increased together for three consecutive months.

An official from the Ministry of Trade, Industry and Energy explained, "Export unit prices rose by 29.9%, showing the highest growth rate in 3 years and 9 months," adding, "The recent rise in our exports is driven by the high value-added nature of export items."

In January, 12 out of the 15 major export items increased, marking the largest number of items with positive growth since October 2018. In particular, all six IT-related items?semiconductors, wireless communication devices, displays, home appliances, computers, and secondary batteries?showed growth for three consecutive months.

Semiconductor exports increased by 21.7%, showing double-digit growth for five consecutive months. Wireless communication devices (58.0%) and displays (32.2%) recorded their highest growth rates in about 16 years and 10 years, respectively. Automobiles (40.2%) posted their highest growth rate since September 2017, and biohealth (66.5%) recorded growth for 17 consecutive months. Petrochemicals (8.6%) rebounded positively after 26 months, and steel (6.0%) after 4 months.

By country, exports to China (22.0%), the United States (46.1%), and the European Union (EU, 23.9%) all increased by more than 20%. In particular, exports to the U.S. in January reached $8.39 billion, marking the highest monthly export record ever.

January imports amounted to $44.05 billion, up 3.1%. As a result, the trade balance recorded a surplus of $3.96 billion, marking nine consecutive months of surplus.

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