January Export Value $55.32 Billion, Up 15.2%... Highest January Record Ever (Update)

[Asia Economy Sejong=Reporter Dongwoo Lee] Export value in January this year surpassed $50 billion for the first time in history among January months.

The Ministry of Trade, Industry and Energy announced on the 1st that last month's export value was recorded at $55.32 billion, a 15.2% increase compared to the same period last year. This is the first time January exports have exceeded $50 billion.

Korea's exports have increased for 15 consecutive months since November last year. Despite the spread of Omicron, rising raw material prices, and the high base effect of January last year, last month's exports continued double-digit high growth.

Major items and regions such as semiconductors also showed an overall favorable export trend. Semiconductors, general machinery, and petrochemicals increased by double digits, and petroleum products and steel also rose sharply, driving January exports.

By region, the United States and ASEAN recorded the highest exports ever for January, and emerging markets such as India and CIS also increased by double digits, with exports increasing for 10 consecutive months in all nine major regions.

Last month's import value recorded $60.21 billion, a 35.5% increase compared to the same period last year, and the trade balance, which indicates the difference between exports and imports, recorded a deficit of $4.89 billion.

The Ministry of Trade, Industry and Energy analyzed that January imports increased sharply due to seasonal factors such as soaring energy prices and high energy demand in winter. It explained that Japan, which has a similar industrial structure to Korea, and France, which has a high proportion of energy imports, also recently experienced large deficits. Imports of intermediate goods such as semiconductors (+26.0%) increased due to expanded import demand accompanying export growth and efforts to secure inventory for supply chain stability.

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