Exports up 12.5% Through the 20th of This Month... Will the 5-Month Consecutive Increase Continue? (Update)

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Export value increased by 12.5% from the beginning of this month to the 20th, raising the likelihood that the upward trend, which has continued since November last year, will be maintained for five consecutive months.

According to the Korea Customs Service on the 22nd, export value from March 1 to 20 was $33.9 billion, up 12.5% ($3.75 billion) compared to the same period last year.

The cumulative annual export value up to the 20th of this month reached $126.7 billion, an increase of 11.0% ($12.56 billion) year-on-year.

Exports turned to a 3.9% increase in November last year, followed by 12.4% in December, 11.4% in January this year, and 9.5% in February, marking four consecutive months of growth. If the upward trend continues this month, it will be the fifth consecutive month of increase.

The number of working days from the 1st to the 20th of this month was 15.5 days, 0.5 days fewer than the same period last year (16 days). Considering this, the average daily export value rose 16.1% from $1.88 billion last year to $2.19 billion this year.

By major items, semiconductors (13.6%), passenger cars (13.0%), petroleum products (12.4%), automobile parts (2.0%), and wireless communication devices (4.7%) increased. On the other hand, exports of home appliances (-9.3%) decreased.

By country, exports to China (23.4%), the United States (7.4%), the European Union (EU, 37.5%), and Vietnam (5.2%) increased, while those to Japan (-10.7%) and the Middle East (-27.9%) decreased.

Imports up to the 20th of this month amounted to $33.0 billion, up 16.3% ($4.63 billion) compared to the same period last year. Increases were seen in semiconductors (4.7%), gas (28.2%), machinery (23.3%), and petroleum products (4.0%), while crude oil (-1.5%) and wireless communication devices (-13.7%) decreased.

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