January Daily Average Exports Reach $2.1 Billion... All-Time High

Total Export Amount of $48.01 Billion... Three Consecutive Months of Growth

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] The first export performance of the new year showed a favorable trend with increases in both total amount and daily average. The daily average export exceeded $2.1 billion for the first time, setting a record high for January, and the total exports continued the growth trend for the third consecutive month since November last year.

According to the Ministry of Trade, Industry and Energy on the 1st, the daily average export amount, considering the number of working days, was $2.13 billion, up 6.4% compared to the same period last year. This surpassed the previous January record of $2.07 billion set in 2014.

The total export amount also increased by 11.4% year-on-year to $48.01 billion. This marks the third consecutive month of growth following November (4.1%) and December (12.6%) of last year. It is the first time since January to 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, "The export unit price, which has been increasing for six consecutive months, rose by 29.9% in January, showing the highest growth rate in 3 years and 9 months," adding, "This was possible because new growth and high value-added products such as system semiconductors, eco-friendly vehicles, offshore plants, and diagnostic kits experienced rapid growth."

Semiconductor exports increased by 21.7%, marking five consecutive months of double-digit growth. Wireless communication devices (58.0%) and displays (32.2%) showed their highest growth rates in about 16 years and 10 years, respectively. Automobiles (40.2%) recorded the highest growth rate since September 2017, and biohealth (66.5%) maintained a growth rate for 17 consecutive months. Petrochemicals (8.6%) rebounded positively for the first time in 26 months, and steel (6.0%) for the first time in 4 months. On the other hand, general machinery and textiles, which had increased in December last year, recorded -4.8% and -7.9% respectively in January, and petroleum products (-46.0%) continued to struggle due to low oil prices.

By country, the three major markets?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 United States in January reached $8.39 billion, marking the highest monthly export amount ever recorded.

Imports in January increased by 3.1% to $44.05 billion. Accordingly, 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.