September 1-10 Exports Reach $19.5 Billion... 30.7% Increase YoY

[Sejong=Asia Economy Reporter Kwon Haeyoung] Export value from the 1st to the 10th of this month increased by more than 30% compared to the same period last year.

The Korea Customs Service announced on the 13th that the export value (provisional customs clearance basis) from the 1st to the 10th was $19.5 billion, an increase of 30.7% ($4.6 billion) compared to the same period last year. The number of working days during this period was 8.5 days, the same as last year, and the average daily export value also increased by 30.7% considering the number of working days.

Without considering the number of working days, major items showed export increases such as steel products (58.1%), petroleum products (131.1%), passenger cars (46.8%), wireless communication devices (16.5%), and precision instruments (17.5%). On the other hand, exports of semiconductors (-2.1%) decreased.

By region, exports increased to major trading partners including China (24.5%), the United States (44.8%), the European Union (67.7%), Vietnam (3.8%), Japan (49.0%), and Taiwan (47.4%).

If the export growth trend continues until the end of this month, the monthly export value will have grown year-on-year for 11 consecutive months since November of last year.

Imports from the 1st to the 10th of this month were recorded at $21.0 billion, an increase of 60.6% ($7.9 billion) compared to the same period last year.

The trade balance shows a deficit of $1.46 billion. During the same period last year, the trade balance was a surplus of $1.87 billion.

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