Exports Increased for 12 Consecutive Months Until Last Month... Crude Oil Import Value Surges 83%

Ministry of Trade, Industry and Energy Reports October Export and Import
Exports Up 24%, Imports Up 37%

18 Consecutive Months of Trade Surplus

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] Last month, export value increased by about 24% compared to the same period last year, continuing the growth trend for 12 consecutive months. Due to the sharp rise in international oil prices, crude oil import value also surged significantly.

According to the Ministry of Trade, Industry and Energy on the 7th, October exports amounted to $55.55 billion, a 24.0% increase compared to the same period last year.

An official from the ministry stated, "Exports showed 12 consecutive months of growth and eight consecutive months of double-digit high growth rates. The export value ranked second highest ever on a monthly basis, following September ($55.83 billion), and continued the streak of monthly exports exceeding $50 billion for eight consecutive months."

Furthermore, cumulative exports from January to October this year reached $523.2 billion, surpassing last year's total annual exports ($512.5 billion). The export value from January to October also exceeded 2018's ($505.2 billion), ranking first.

Among the 15 major items, 13 showed solid growth except for automobiles and auto parts. Automobile exports decreased by 4.7% due to partial production adjustments caused by supply disruptions of vehicle semiconductors and a high base effect from October last year. Consequently, auto parts exports also declined by 1.2%. By region, exports increased in all nine major regions for seven consecutive months for the first time ever.

October imports amounted to $53.86 billion, up 37.8% from the same period last year. In particular, crude oil imports reached $6.486 billion, an increase of $2.94 billion (82.9%) compared to $3.546 billion in the same period last year. The increase in import value is overwhelmingly due to the rise in international oil prices. Import volume rose slightly by 1.5%, from 82.1 million barrels in October last year to 83.4 million barrels this October. However, the unit price surged 80.2%, from $43.2 per barrel to $77.8 per barrel during the same period. This is because Dubai crude oil prices jumped from $40.7 per barrel to $81.6 per barrel during this period.

Meanwhile, the trade balance recorded a surplus of $1.69 billion, marking 18 consecutive months of surplus.

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