Export Growth Signals for 6 Consecutive Months... Semiconductors Up 38.2%, Cars Up 54.9%

[Image source=Yonhap News]

[Asia Economy Reporter Joo Sang-don] Exports from April 1 to 20 showed an increasing trend, raising the possibility of a '6-month consecutive increase.' In particular, automobile exports saw a larger increase due to the base effect of a sharp decline in exports last year despite supply disruptions of vehicle semiconductors.

According to the Korea Customs Service on the 25th, export value until the 20th of this month was $31 billion, an increase of 45.4% ($9.68 billion) compared to the same period last year. If this trend continues, the upward trend that began in November last year is likely to continue for six consecutive months.

The number of working days increased by one day from 14.5 days during April 1-20 last year to 15.5 days this year. Considering this, the average daily export value rose 36.0% from $1.47 billion to $2.0 billion.

By item, semiconductors (38.2%), passenger cars (54.9%), petroleum products (81.6%), wireless communication devices (68.0%), automobile parts (81.6%), and precision instruments (35.0%) increased compared to the same period last year.

For passenger cars, the growth rate became steeper than the 29.8% increase from April 1-10. An industry insider said, "There are negative effects such as some factories halting operations due to instability in vehicle semiconductor supply," but added, "However, the base effect from the low automobile export value in April last year seems to have boosted the export growth rate from April 1-20 this year." In fact, automobile exports in April last year were $2.391 billion, down 36.3% from $3.752 billion in April 2019.

Exports to major countries also continued to increase. China (35.8%), the United States (39.4%), the European Union (EU, 63.0%), Vietnam (63.8%), and Japan (21.3%) increased, while the Middle East (-3.2%) decreased.

Imports from April 1 to 20 amounted to $33 billion, up 31.3% ($7.87 billion). Compared to the same period last year, imports of crude oil (80.2%), semiconductors (17.3%), machinery (10.4%), petroleum products (126.2%), and precision instruments (16.7%) increased, while gas (-7.5%) decreased. By country, imports increased from China (17.3%), the United States (32.9%), the EU (23.7%), the Middle East (54.4%), Japan (24.1%), Australia (45.5%), and Vietnam (31.8%).

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