May 1-10 Exports Down 10.1%... Cumulative Trade Deficit Nears $30 Billion (Update)

As semiconductor and exports to China continue to slump, South Korea's trade deficit has persisted for 15 consecutive months.

According to the Korea Customs Service on the 11th, the export value (provisional customs clearance basis) from May 1 to 10 was $14.485 billion, down 10.1% compared to the same period last year, while imports amounted to $18.654 billion, down 5.7% respectively.

The number of working days during this period was 6.5, the same as the 6.5 days in the same period last year. Considering the number of working days, the average daily export value was $2.23 billion, a decrease of 10.1%.

Exports have been declining for eight consecutive months from October last year to the 10th of this month. With exports decreasing and imports increasing, the trade deficit during this period recorded $4.169 billion.

By item, the export value of semiconductors, South Korea's largest export item, was $1.975 billion until the 10th of this month, plunging 29.4% compared to the same period last year, marking the tenth consecutive month of decline. Major items such as petroleum products (-40.1%) and precision instruments (-10.1%) also saw double-digit export decreases. On the other hand, passenger cars (125.8%) and auto parts (7.8%) increased. By region, exports increased to the United States (8.9%) and the European Union (EU, 11.5%), while they decreased to China (-14.7%), Vietnam (-9.0%), and Japan (-4.5%).

During the same period, imports of items such as gas (23.5%) and machinery (35.1%) increased, while crude oil (-17.3%), semiconductors (-6.1%), and coal (-1.5%) decreased. By region, imports from the European Union (19.4%) and Australia (8.3%) increased, while those from China (-5.1%), the United States (-3.7%), and Saudi Arabia (-44.8%) decreased.

Accordingly, the cumulative annual export value this year was $215.417 billion, and imports were $244.83 billion, down 12.9% and 5.1% respectively compared to the same period last year.

As a result, the annual trade deficit this year recorded $29.412 billion, approaching $30 billion. The total annual trade deficit amounts to 62.2% of last year's record-high deficit (-$47.23 billion).

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