Exports Increased by 40.9% from August 1-20... Will the 10-Month Consecutive Growth Continue? (Comprehensive)

Daily Average Export Value Up 31.5%
All Items Except Home Appliances Show Growth
Disruptions Inevitable if HMM Strikes

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Exports have increased by more than 40% through the 20th of this month, raising the likelihood that the export growth trend, which began in November last year, will continue for 10 consecutive months.

On the 23rd, the Korea Customs Service announced that export value from August 1 to 20 reached $32.2 billion, a 40.9% ($9.36 billion) increase compared to the same period last year. Accordingly, the cumulative export value for this year reached $390.9 billion, up 27.7% ($84.71 billion). Exports have maintained an upward trend for nine consecutive months from November last year, when they increased by 4.1% compared to the same period the previous year, through July this year.

The number of working days this month was 15, one day more than the 14 days in the same period last year. Considering this, the daily average export value rose 31.5%, from $1.63 billion in the same period last year to $2.15 billion this month.

Among major export items, all showed growth except home appliances (-0.1%). Exports of ships (69.5%), steel products (57.2%), and petroleum products (55.3%) increased by more than 50% compared to the same period last year. Exports to major countries also increased across the board. Exports to China and the United States rose by 37.3% and 50.1%, respectively.

Imports from August 1 to 20 amounted to $35.8 billion, a 52.1% ($12.25 billion) increase compared to the same period last year, showing a higher growth rate than exports.

Although exports are performing well, disruptions in logistics and exports are inevitable if HMM, the country's only large container shipping company, goes on strike. The HMM Maritime Union has been conducting a strike vote since the day before, demanding improved working conditions. A Ministry of Trade, Industry and Energy official stated, "As this is a matter under negotiation between labor and management, it is not appropriate for the government to comment on whether a strike will occur." He added, "However, we will do our best to minimize any potential export disruptions."

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