Exports Up 53.3% from 1st to 20th This Month... Highest Growth Since January 2011 (Comprehensive)

Korea Customs Service, Export and Import Performance from May 1 to 20

Export Value of $31.1 Billion by the 20th of This Month
Cumulative Exports This Year Reach $228.8 Billion... Up 22.5% from Last Year

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Export value up to the 20th of this month increased by more than 53% compared to the same period last year, marking the highest growth rate since January 2011. This indicates that our exports have entered a strong recovery phase beyond the base effect caused by the COVID-19 shock. If this trend continues, the growth that began in November last year is likely to continue for seven consecutive months.

According to the Korea Customs Service on the 21st, export value from May 1 to 20 was $31.1 billion, an increase of 53.3% ($10.81 billion) compared to the same period last year. This is the highest growth rate in 10 years and 4 months since January 2011 (54.2%).

The cumulative export value for this year, reflecting results up to the 20th of this month, reached $228.8 billion, up 22.5% ($42.03 billion).

The number of working days from May 1 to 20 was 13 days, 0.5 days fewer than the same period last year (13.5 days). Considering this, the average daily export value was $2.309 billion, an increase of 59.1%.

By product category, semiconductors (26.0%), passenger cars (146.0%), petroleum products (149.7%), wireless communication devices (64.0%), automobile parts (221.9%), and precision instruments (42.6%) recorded growth.

Regarding exports to major countries, China (25.2%), the United States (87.3%), the European Union (EU, 78.1%), Vietnam (61.1%), and Japan (30.6%) increased, while the Middle East (-14.0%) decreased.

Imports amounted to $31.5 billion, up 36.0% ($8.33 billion) compared to the same period last year. Crude oil (198.8%), semiconductors (17.8%), machinery (15.5%), and passenger cars (59.4%) increased, whereas wireless communication devices (-11.2%) and coal (-6.0%) decreased.

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