Cumulative Exports Reach $620.7 Billion This Year... Already Breaking the 'All-Time Record'

Korea Customs Service, Export and Import Trends from December 1 to 20

Previous Record Highest Export Amount in History: $604.9 Billion in 2018
Government Forecasts Annual $643 Billion This Year

Export Amount of $36.9 Billion from the Beginning of This Month to the 20th... 20% Increase YoY
Imports Increased More, Resulting in a Trade Deficit of $2.7 Billion... Annual Cumulative Trade Surplus of $27.4 Billion

(Photo) [Image source=Yonhap News]

[Asia Economy, Reporter Joo Sang-don] The export amount from the beginning of this month to the 20th reached $36.9 billion, pushing the cumulative amount beyond $620 billion. This already surpasses the previous highest annual export record of $604.9 billion set in 2018.

On the 21st, the Korea Customs Service announced the 'Export and Import Status from December 1 to 20' containing this information.

According to the report, the export amount up to the 20th of this month was $36.9 billion, a 20.0% ($6.16 billion) increase compared to the same period last year. The annual cumulative export amount was $620.7 billion, showing a 26.2% ($128.79 billion) increase.

The government expects the annual export amount this year to reach $643 billion, breaking the historical record. The previous highest export amount was $604.9 billion (2018).

By major items, from the 1st to the 20th of this month compared to the same period last year, semiconductors (27.5%), petroleum products (88.8%), and computer peripherals (73.9%) increased. Conversely, passenger cars (-4.1%) and wireless communication devices (-12.8%) decreased. By country, exports increased to China (22.5%), the United States (19.4%), the European Union (EU, 27.4%), Vietnam (10.9%), Japan (17.9%), and Taiwan (29.1%).

Imports from the beginning of this month to the 20th amounted to $39.6 billion, a 42.1% ($11.72 billion) increase compared to the same period last year. The cumulative import amount was $593.3 billion, a 31.6% ($142.45 billion) increase.

By item, compared to the same period last year, crude oil (88.3%), semiconductors (47.4%), gas (89.4%), petroleum products (165.1%), and machinery (13.7%) increased. Passenger cars (-4.0%) decreased. By country, imports increased from China (33.3%), the EU (20.3%), the United States (30.6%), Japan (21.8%), Saudi Arabia (122.7%), and Australia (87.6%).

Due to the sharper increase in imports than exports from the 1st to the 20th of this month, the trade balance recorded a deficit of $2.655 billion. The annual cumulative trade balance remains a surplus of $27.42 billion.

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