Exports up 25% by the 10th... 5 Consecutive Months of Growth Signal Positive Outlook (Comprehensive)

Korea Customs Service, Export and Import Trends from March 1 to 10

Semiconductor and Automobile Exports Continue to Perform Well

Ministry of Trade, Industry and Energy Presents '2020 Export Target of $700 Billion' at Expanded Trade Strategy Coordination Meeting on the 10th
Plans to Invest Approximately 5 Trillion Won to Establish Growth Base for Next-Generation Promising Strategic Items

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Exports from the beginning of this month through the 10th have increased by more than 25% compared to the same period last year. This suggests that the export growth trend, which began in November last year, is likely to continue for five consecutive months through this month.

According to the export-import status announced by the Korea Customs Service on the 11th for March 1?10, export value reached $16.3 billion, up 25.2% ($3.28 billion) compared to the same period last year. Including this, the cumulative export value for this year recorded $109.1 billion, an increase of 12.5% ($12.09 billion).

The export performance from the 1st to the 10th was unaffected by the number of working days, as both last year and this year had 7.5 days. The average daily export value rose 25.2% from $1.74 billion in the same period last year to $2.17 billion in March this year.

By item, compared to the same period last year, semiconductors (25.2%), passenger cars (22.8%), petroleum products (28.1%), automobile parts (15.5%), and wireless communication devices (8.0%) showed increases.

By country, exports increased to China (33.9%), the United States (21.9%), the European Union (EU, 49.0%), Vietnam (7.5%), and Japan (17.7%), while exports to the Middle East (-13.6%) and Singapore (-10.6%) decreased.

Imports amounted to $17.4 billion, up 31.4% ($4.16 billion) compared to the same period last year. Items showing growth included semiconductors (22.8%), crude oil (16.4%), gas (96.9%), machinery (40.7%), petroleum products (21.2%), and precision instruments (25.9%). By country, imports increased from China (29.8%), the EU (62.0%), the United States (39.4%), Japan (17.9%), the Middle East (6.2%), and Australia (124.0%), while imports from Vietnam (-4.1%) decreased.

The government plans to maintain and strengthen the recent export rebound to achieve $700 billion in exports by 2025. On the previous day, the government held the 4th Expanded Trade Strategy Coordination Meeting at COEX, Seoul, chaired by Prime Minister Chung Sye-kyun, where a joint inter-ministerial 'Future Growth Engine Expansion and Trade Structure Innovation Strategy' was announced. Considering that the total export value last year was $512.85 billion, this is a challenging target.

First, the government intends to discover next-generation promising items and strengthen global competitiveness. To this end, it plans to invest about 5 trillion won by 2025 to create an innovation ecosystem for developing promising products and upgrading existing export items, thereby generating future market demand. In particular, 1.6 trillion won will be concentratedly invested between 2021 and 2025 in the development of innovative new drugs and medical devices. Additionally, the government will improve and rationalize systems such as research and development (R&D), environmental regulations, and certification to be more business-friendly, reducing corporate burdens, and expand investment capacity for promising companies through the creation of private funds.

Sung Yun-mo, Minister of Trade, Industry and Energy, said, "When active solidarity and cooperation between companies and the government are realized, the path to $700 billion in exports can become a reality, not just a possibility," adding, "Through this measure, the government will actively support the innovation of our companies and the dreams of future trade professionals."

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