Strong Start to the Year in Exports... Up 24.4% from Previous Year from January 1 to 10

Customs Service, Export and Import Status from January 1 to 10

Exports $13.9 Billion · Imports $18.9 Billion
Sharp Increase in Imports Leads to 'Trade Deficit of $4.945 Billion'

(Photo) [Image source=Yonhap News]

[Sejong=Asia Economy Reporter Joo Sang-don] This year's first exports started strong, rising nearly 25% compared to the same period last year. However, the increase in imports outpaced exports, resulting in a trade deficit.

According to the 'January 1-10 Export and Import Status' released by the Korea Customs Service on the 11th, export value reached $13.9 billion, up 24.4% ($2.74 billion) compared to the same period last year.

Considering that the number of working days this month was 6.5 days, 0.5 days more than the 6 days in the same period last year, the average daily export value was $2.15 billion, an increase of 14.8% from $1.87 billion last year.

By major items, compared to the same period last year, semiconductors (23.3%), petroleum products (135.3%), passenger cars (26.2%), and precision instruments (29.2%) increased, while wireless communication devices (-51.0%) and ships (-61.4%) decreased.

By country, exports increased to China (22.6%), the United States (35.1%), Vietnam (17.3%), and the European Union (EU, 3.8%), except for Hong Kong (-23.4%).

Imports showed a steeper increase than exports. Imports from January 1 to 10 amounted to $18.9 billion, up 57.1% ($6.86 billion) compared to the same period last year. As a result, the trade balance recorded a deficit of $4.945 billion.

By major items, imports increased compared to the same period last year in gas (392.5%), crude oil (79.9%), semiconductors (28.4%), and petroleum products (149.8%). Conversely, wireless communication devices (-42.5%) and semiconductor manufacturing equipment (-35.8%) decreased.

Imports from major countries all increased: China (39.5%), the United States (70.2%), the EU (18.6%), Australia (193.5%), Japan (34.7%), and Saudi Arabia (356.9%).

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