Exports Up 1.2% from 1st to 10th This Month... Increase After 4 Months (Update)

Korea Customs Service, Export and Import Status from June 1 to 10

Exports from June 1 to 10 increased by more than 1% compared to the same period last year. This marks the first time in four months that export value has shown an upward trend during this period.

On the 12th, the Korea Customs Service announced that exports from June 1 to 10 amounted to $15.3 billion, up 1.2% ($190 million) from the same period last year. Imports were $16.7 billion, down 20.7% ($4.35 billion).

Including this, the cumulative annual exports totaled $268.3 billion, down 12.9% ($39.59 billion) compared to the same period last year. Imports were $297.2 billion, a decrease of 7.8% ($25.13 billion).

There were 7 working days up to June 10. Considering this, the average daily export value was $2.18 billion, a 6% decrease from $2.32 billion during the same period last year when there were 6.5 working days.

The trade balance remained in deficit this month as well. The deficit from June 1 to 10 was $1.41 billion, down $2.761 billion (-66.2%) compared to $4.171 billion from June 1 to 10 last month.

The cumulative deficit reached $28.847 billion, an increase of $14.452 billion compared to $14.395 billion during the same period last year.

By product category from June 1 to 10, exports increased compared to the same period last year in passenger cars (137.1%), ships (161.5%), and automobile parts (16.9%). However, semiconductors (-31.1%) and petroleum products (-35.8%) decreased.

By country, exports increased to the United States (6.9%), the European Union (EU, 26.6%), and Vietnam (0.1%). Exports to China (-10.9%), Taiwan (-49.8%), and Singapore (-44.1%) declined.

Imports increased in machinery (6.9%) and semiconductor manufacturing equipment (21.0%) compared to the same period last year. However, crude oil (-50.0%), semiconductors (-29.5%), and gas (-6.0%) decreased. By country, imports from the EU (13.2%) and Vietnam (7.7%) increased, while those from China (-10.0%), the United States (-36.1%), and Saudi Arabia (-44.8%) decreased.

[Image source=Yonhap News]

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