Exports Continue to Rise This Month... High Possibility of Six Consecutive Months of Growth

(Photo) [Image source=Yonhap News]

[Asia Economy Reporter Joo Sang-don] South Korea's exports continue to grow this month as well. Despite a decrease in working days up to the 10th of this month, export value has continued to increase. It has risen by nearly 25% compared to the same period last year, making it highly likely that the growth trend, which began in November last year, will continue for six consecutive months.

According to the Korea Customs Service on the 18th, export value from April 1 to 10 reached $15 billion, an increase of 24.8% ($2.99 billion) compared to the same period last year.

Accordingly, the cumulative export value for this year recorded $161.5 billion, up 13.6% ($19.3 billion) from the same period last year.

The number of working days this month was 8 days, 0.5 days fewer than the 8.5 days during the same period last year. Considering this, the average daily export value was $1.88 billion, a 32.6% increase from last year.

Regarding major items, compared to the same period last year, semiconductors (24.8%), passenger cars (29.8%), wireless communication devices (52.5%), and petroleum products (35.2%) increased. On the other hand, computer peripherals (-5.4%) decreased.

By major countries, exports to China (27.6%), the United States (22.6%), Vietnam (45.6%), the European Union (EU, 12.8%), and Japan (3.0%) increased. The Middle East (-11.7%) saw a decrease.

Imports from April 1 to 10 amounted to $16.7 billion, up 14.8% ($2.15 billion) compared to the same period last year. Crude oil (43.8%), machinery (4.8%), petroleum products (57.9%), and passenger cars (11.5%) increased, while semiconductors (-1.6%) and gas (-33.6%) decreased.

Exports in March this year exceeded $50 billion for the first time this year, reaching a record high of $53.8 billion. The export growth trend, which began in November last year, continued for five consecutive months. The strong performance in semiconductors, automobiles, and bio-health sectors remained steady, and despite the Suez Canal accident in Egypt, exports to Europe (EU) achieved record-high results.

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