'Export Volume' Declines for the First Time in 13 Months Due to Base Effect

[Asia Economy Reporter Jang Sehee] The export volume index fell for the first time in 13 months due to the base effect from high exports last year.

According to the "September 2021 Trade Index and Terms of Trade" announced by the Bank of Korea on the 28th, the export volume index last month was 122.20 (2015=100), down 2.5% compared to the previous year.

This was due to decreases in chemical products including COVID-19 test kits, and primary metal products.

Choi Jinman, head of the Price Statistics Team at the Economic Statistics Bureau of the Bank of Korea, explained, "The export volume index fell for the first time in 13 months due to the base effect from the significant increase in exports last year. We understand that supply chain disruptions have not yet had a major impact, and semiconductor exports continue to maintain a favorable level."

The export value index rose 18.4% from the previous year to 134.71. This marks 11 consecutive months of growth since November last year.

The import volume index increased 5.2% from the previous year to 121.07, continuing an upward trend for 13 months. The import value index was 144.13, showing a growth rate of 33.8%. This is the 10th consecutive month of increase.

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