March 1-10 Exports Up 14.9%... Trade Balance Deficit of $1.39 Billion (Update)

[Asia Economy Sejong=Reporter Dongwoo Lee] Export value increased by about 15% compared to the previous year from March 1 to 10. During this period, the trade balance, calculated as exports minus imports, recorded a deficit of approximately 1.4 billion dollars.

The Korea Customs Service announced on the 11th that the export value (provisional customs clearance basis) from the 1st to the 10th was 18.7 billion dollars, a 14.9% increase compared to the same period last year. The number of working days during this period was 6.5 days, one day less than last year. Saturday working days are counted as 0.5 days.

Considering the number of working days, the average daily export value increased by 32.6%.

Looking at the export value of major items without considering working days, semiconductors (28.5%), petroleum products (98.8%), and automobile parts (4.0%) increased compared to last year. On the other hand, exports of passenger cars (-28.0%) and wireless communication devices (-10.9%) decreased.

By trading partner, exports increased to China (13.5%), the United States (7.2%), the European Union (9.0%), and Vietnam (32.7%), but decreased to Hong Kong (-35.2%) and others.

During the same period, import value was recorded at 20.1 billion dollars, a 15.3% increase compared to the same period last year.

By item, import values increased significantly for crude oil (43.6%), semiconductors (18.8%), gas (87.0%), and petroleum products (46.3%). Conversely, imports of machinery (-10.0%) and passenger cars (-6.0%) decreased.

By trading partner, import values increased from China (18.3%), the United States (0.8%), Australia (27.7%), and Saudi Arabia (109.2%). Imports decreased from the European Union (-14.8%) and Japan (-0.4%).

The trade deficit widened to 1.39 billion dollars, larger than the deficit of 1.157 billion dollars during the same period last year.

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