Exports Already Set an All-Time High Record... Forecasted 643 Billion Won This Year

[Image source=Yonhap News]

[Asia Economy Reporter Joo Sang-don] The cumulative export value up to the 20th of this month has surpassed the previous all-time high. The government forecasts that this year's export value will reach $643 billion.

According to the Korea Customs Service on the 25th, the cumulative export value from the beginning of this year to the 20th of this month was $620.7 billion, an increase of 26.2% ($128.79 billion). Exports for the period up to the 20th of this month amounted to $36.9 billion, up 20.0% ($6.16 billion) compared to the same period last year.

The government expects the annual export value this year to reach $643 billion, setting a new record. The previous highest export value was $604.9 billion (2018).

For major items from the 1st to the 20th of this month, exports increased compared to the same period last year in semiconductors (27.5%), petroleum products (88.8%), and computer peripherals (73.9%). Conversely, exports decreased in passenger cars (-4.1%) and wireless communication devices (-12.8%). 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 1st to the 20th of this month amounted to $39.6 billion, up 42.1% ($11.72 billion) compared to the same period last year. The cumulative import value reached $593.3 billion, an increase of 31.6% ($142.45 billion).

By item, imports increased compared to the same period last year in crude oil (88.3%), semiconductors (47.4%), gas (89.4%), petroleum products (165.1%), and machinery (13.7%). 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 cumulative annual trade balance remains a surplus of $27.42 billion.

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