Export Growth Continues in July... Will the Uptrend Last for 9 Months?

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[Asia Economy Reporter Joo Sang-don] Exports continued to show strong growth, rising more than 30% through the 20th of this month. If this trend continues, the export growth that began in November last year is likely to continue for nine consecutive months.

According to the Korea Customs Service on the 25th, export value from July 1 to 20 reached $32.6 billion, an increase of 32.8% ($8.04 billion) compared to the same period last year.

Accordingly, the cumulative annual export value through the 20th of this month reached $335.8 billion, up 26.7% ($70.74 billion) compared to the same period last year.

The number of working days from the 1st to the 20th of this month was 15.5 days, the same as the same period last year. Considering this, the average daily export value was $2.1 billion, a 32.8% increase.

By item, exports increased compared to the same period last year in semiconductors (33.9%), passenger cars (28.4%), petroleum products (69.1%), wireless communication devices (33.8%), and precision instruments (15.1%), while computer peripherals decreased (-7.8%). By country, exports increased to China (18.6%), the United States (38.9%), the European Union (EU, 51.7%), Vietnam (18.8%), Japan (30.5%), and the Middle East (51.6%).

The cumulative export value through last month this year reached $303.24 billion, surpassing $300 billion for the first time ever and setting a record high. This is the result of a clear recovery in the global economy and trade, along with the advancement of new export industries such as system semiconductors, biohealth, and secondary batteries.

All 15 major export items increased in the first half of this year, with 14 of them showing double-digit growth rates. The increase in exports of all 15 major items in the first half has occurred only three times, including this year, in 1991 and 2004. Exports increased to eight of the nine major export regions, excluding the Middle East.

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