Incheon Customs Reports $23.1 Billion Trade Volume Last Month, Up 36.4% YoY

[Asia Economy Reporter Dongwoo Lee] Last month, exports through Incheon Customs increased by 33.2% year-on-year to $7 billion, imports rose by 37.9% to $16.1 billion, and total trade volume grew by 36.4% to $23.1 billion.

Incheon Main Customs Office announced on the 18th that these figures were compiled after analyzing export-import trends through Incheon Port and Incheon Airport (Incheon Customs). In particular, the export growth of electrical and electronic products (accounting for 46.2%, up 42.2% year-on-year) was significant, driven by 'semiconductor exports.'

By item, the figures were ▲Electrical and electronic products ($3.26 billion) ▲Machinery and precision instruments ($1.02 billion) ▲Chemical products ($760 million) ▲Steel products ($480 million) ▲Transportation equipment ($290 million), and by country, China ($2.02 billion), ASEAN ($1.48 billion), the United States ($840 million), Europe ($700 million), Hong Kong ($580 million), Japan ($370 million), the Middle East ($140 million), and Latin America ($130 million).

Exports through Incheon Port increased by 23.3% year-on-year to $2.6 billion, while imports and total trade volume recorded $6.9 billion and $9.5 billion, up 23.0%, respectively.

Exports through Incheon Airport rose by 39.8% year-on-year to $4.4 billion, imports reached $9.2 billion (up 51.6%), and total trade volume was $13.6 billion (up 47.6%).

During the same period, imports through Incheon Customs increased by 37.9% year-on-year to $16.1 billion, accounting for 31.4% of the national import volume ($51.2 billion). The import growth was significant in electrical and electronic devices (accounting for 34.3%, up 33.0% year-on-year), driven by 'semiconductor and information communication device imports,' and machinery and precision instruments (accounting for 15.4%, up 45.9% year-on-year), driven by 'imports of semiconductor manufacturing equipment and precision measuring instruments.'

By item, electrical and electronic devices ($5.52 billion) were the largest, followed by machinery and precision instruments ($2.48 billion), and chemical products ($1.38 billion). By country, China ($5.10 billion), Europe ($2.45 billion), and ASEAN ($2.32 billion) ranked highest.

Imports through Incheon Port increased by 23.0% year-on-year to $6.9 billion, while imports through Incheon Airport rose by 51.6% year-on-year to $9.2 billion.

The volume of trade (by weight) through Incheon Customs increased by 5.3% year-on-year to 7.18 million tons, accounting for 9.0% of the national total. Among these, export volume decreased by 21.6% year-on-year to 1.25 million tons, while import volume increased by 11.0% year-on-year to 5.93 million tons.

The volume of trade (by weight) through Incheon Port increased by 4.8% year-on-year to 6.91 million tons, export volume decreased by 20.7% year-on-year to 1.12 million tons, and import volume increased by 11.8% year-on-year to 5.79 million tons. The volume of trade (by weight) through Incheon Airport increased by 29.5% year-on-year to 270,000 tons, with export volume rising by 28.5% year-on-year to 130,000 tons, and import volume increasing by 30.4% year-on-year to 140,000 tons.

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