Daily exports reached $2.11 billion by the 10th of this month... Highest in 2 years and 4 months (Update)

Korea Customs Service, Export and Import Status from February 1 to 10

Total $18 billion... 69.1% increase YoY
Exports of major items such as semiconductors, passenger cars, and petroleum products all increased

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Exports started strong this month. By the 10th, daily average exports reached $2.11 billion, marking the highest export amount since October 2018.

According to the Korea Customs Service on the 15th, exports from February 1 to 10 amounted to $18 billion, up 69.1% ($7.34 billion) compared to the same period last year.

Considering the number of working days was 8.5, 1.5 days more than the 7 days in the same period last year, the daily average export amount also increased by 39.3% to $2.11 billion. This is the highest level in 2 years and 4 months since October 2018, when daily exports averaged $2.21 billion.

Exports of major items such as semiconductors (57.9%), passenger cars (102.4%), and petroleum products (37.5%) all increased. Additionally, exports of wireless communication devices (88.0%), auto parts (80.6%), steel (55.5%), ships (239.8%), precision instruments (83.8%), and home appliances (49.7%) also recorded growth.

By country, exports increased across the board: China (65.7%), the United States (91.4%), the European Union (EU, 126.1%), Vietnam (64.3%), Japan (43.5%), and the Middle East (29.2%).

During the same period, imports amounted to $20.4 billion, up 71.9% ($8.54 billion) compared to the same period last year. Imports of crude oil (26.7%), semiconductors (41.5%), gas (182.9%), machinery (57.4%), petroleum products (52.4%), and precision instruments (40.8%) increased. By country, imports increased from China (162.5%), the United States (45.1%), the Middle East (40.0%), the EU (58.7%), Japan (37.8%), and Australia (147.3%).

A Korea Customs Service official said, "The continued strong export trend since the end of last year can be seen as a sign of economic recovery," adding, "The simultaneous increase in imports of intermediate goods is also one of the factors brightening the outlook for our country's exports."

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