Exports down $1.3 billion by the 10th of this month... Trade deficit of $3.4 billion

Risk of Decline Grows for 7 Consecutive Months
Exports Down 8.6% · Imports Down 7.3%

Exports continued to decline this month as well. Export value from the 1st to the 10th decreased by more than $1.3 billion compared to the same period last year. If this trend continues, the export decline that began in October last year will have lasted for seven consecutive months through this month.

According to the export-import status announced by the Korea Customs Service on the 11th for the period from the 1st to the 10th, export value was $14 billion, down 8.6% (-$1.33 billion) compared to the same period last year, and import value was $17.4 billion, down 7.3% (-$1.37 billion).

Accordingly, cumulative exports this year amounted to $165.6 billion, and imports to $191.4 billion, decreasing by 12.3% ($23.18 billion) and 2.7% ($5.28 billion) respectively compared to the same period last year. The decline in exports is steeper than that of imports.

The export decrease is due to the slump in semiconductors. Semiconductor exports dropped sharply by 39.8% to $1.77 billion compared to the same period last year. Exports of petroleum products (-19.9%) and wireless communication devices (-38.8%) also decreased. On the other hand, exports of passenger cars (64.2%) and ships (142.1%) increased.

By country, exports increased to the United States (32.1%) and the European Union (EU, 14.5%), while they decreased to China (-31.9%), Vietnam (-32.6%), and Japan (-13.4%).

Imports increased compared to the same period last year for semiconductors (4.7%), passenger cars (13.7%), and wireless communication devices (41.3%), but decreased for crude oil (-34.0%) and gas (-3.1%).

(Photo) [Image source=Yonhap News]

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