February 1-20 Exports Down 2.3%... Trade Deficit $6 Billion (Update)

[Asia Economy Sejong=Reporter Dongwoo Lee] Exports decreased by 2.3% compared to the same period last year from the beginning of this month to the 20th.

According to the Korea Customs Service on the 21st, the export amount (provisional customs clearance basis) from February 1 to 20 was $33.549 billion, down 2.3% from the same period last year, while imports increased by 9.3% to $39.536 billion.

During this period, the number of working days was 15.5, two days more than the same period last year (13.5 days). Considering the number of working days, the average daily export amount was $2.16 billion, a decrease of 14.9%.

Exports have declined for five consecutive months since October last year. As exports decreased and imports increased significantly, the trade deficit reached $5.987 billion as of the 20th of this month.

The cumulative annual export amount this year is $79.8 billion, and imports are $98.4 billion. Compared to the same period last year, exports decreased by 11.1%, while imports increased by 1.7%. Accordingly, the annual trade balance this year recorded a deficit of $18.639 billion. The trade deficit is likely to continue for 12 consecutive months from March last year to the 20th of this month.

As of the 20th of this month, passenger cars (56.6%), petroleum products (16.3%), and ships (21.7%) increased, while semiconductors (-43.9%) and wireless communication devices (-25.0%) decreased. In particular, semiconductor exports have declined for seven consecutive months compared to the same period last year, starting from August last year (-7.8%) to the 20th of this month. By region, the United States (29.3%), the European Union (18.0%), and India (26.0%) increased, but major trading partners such as China (-22.7%), Vietnam (-18.0%), and Japan (-3.1%) decreased.

During the same period, imports increased for crude oil (7.6%), gas (81.1%), and petroleum products (4.9%), but decreased for semiconductors (-6.1%) and precision instruments (-3.9%). Imports increased from China (5.1%), the United States (13.7%), and the European Union (14.5%), while Japan (-4.4%) and Malaysia (-7.7%) saw decreases.

[Image source=Yonhap News]

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