Exports Up 16.7% from February 1-20... Will the Four-Month Consecutive Growth Continue?

Total $30.4 Billion... Average Daily Exports Increased by 29.2% Considering Working Days
Semiconductor and Automobile Boom Influence... "Sustained Daily Average Growth Expected" Forecast

[Sejong=Asia Economy Reporter Joo Sang-don] As of the 20th of this month, total export value increased by more than 16% compared to the previous year despite a decrease in working days, raising the likelihood that the growth trend, which began in November last year, will continue for four months. Accordingly, the average daily export value for February is expected to continue its upward trend smoothly. However, the number of working days in February is three days fewer than the same month last year due to the Lunar New Year holiday, which could act as a variable.

According to the provisional export-import data from February 1 to 20 released by the Korea Customs Service on the 22nd, export value reached $30.4 billion, up 16.7% ($4.36 billion) compared to the same period last year. This is the highest growth rate since October 2018 (25.8%).

The increase rate of average daily exports, considering working days, is even steeper. The period from the 1st to the 20th of this month included the Lunar New Year holiday, resulting in 14 working days, which is 1.5 days fewer than the same period last year (15.5 days). Taking this into account, the average daily export value was $2.17 billion, a 29.2% increase from $1.68 billion in the same period last year. This daily average export growth rate is the highest since October 2017 (53.9%).

The strong export performance of major items continued this month as well. The semiconductor export growth rate, which increased by 20.6% last month, rose further to 27.5%, and passenger cars also saw a sharper increase from 42.8% to 45.9% during the same period. Ship exports increased from 23.6% to 25.5%, and the decline in petroleum products significantly slowed from -45% to -5.7%.

Looking at export performance up to the 20th of this month, the growth trend that started in November last year (3.9%) is likely to continue for four consecutive months through February this year. However, it is difficult to guarantee that the total export amount, without considering working days, will increase. Last year, the Lunar New Year holiday was in January, but this year it falls in February, resulting in three fewer working days in February this year (19.5 days) compared to February last year (22.5 days). A Ministry of Trade, Industry and Energy official said, "The export growth rates of major export items such as semiconductors and automobiles have been increasing recently, and the decline rates of petroleum products and others are decreasing. Reflecting this trend, the average daily exports are expected to continue their upward trend smoothly."

Imports from the 1st to the 20th of this month amounted to $31.6 billion, up 24.1% ($6.14 billion) from the previous year. Semiconductors (10.3%), gas (59.6%), machinery (18.6%), and precision instruments (14.5%) increased, while crude oil (-17.8%) and petroleum products (-13.3%) decreased. By major importing countries, China (95.6%), the United States (6.9%), Japan (17.2%), the European Union (EU, 6.5%), and Vietnam (30.3%) increased, while the Middle East (-8.0%) decreased.

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