Exports Down 14.8% from 1st to 10th of This Month... Decline Again After One Month (Update)

Exports from the 1st to the 10th of this month decreased by 14.8% compared to the same period last year. After a brief 1.2% increase in exports from the 1st to the 10th of last month?the first rise in four months?exports declined again within a month.

On the 11th, the Korea Customs Service announced that exports from the 1st to the 10th of this month amounted to $13.3 billion, down 14.8% ($2.3 billion) from the same period last year. Imports were $15.5 billion, a decrease of 26.9% (-$5.71 billion).

Including this, the cumulative annual exports totaled $320.4 billion, down 12.5% (-$45.63 billion) compared to the same period last year. Imports were $349.2 billion, a decline of 8.8% (-$33.49 billion).

The trade balance also started this month with a deficit. The deficit amounted to $2.276 billion from the 1st to the 10th of this month.

The number of working days up to the 10th of this month was seven, the same as last year. Considering this, the average daily export value was $1.9 billion, a 14.8% decrease from $2.22 billion in the same period last year.

The cumulative deficit reached $28.747 billion, an increase of $12.141 billion compared to $16.6 billion in the same period last year.

Looking at exports by item from the 1st to the 10th of this month, passenger cars (25.2%) and ships (74.0%) increased compared to the same period last year. On the other hand, semiconductors (-36.8%), petroleum products (-51.3%), and wireless communication devices (-27.1%) decreased. By country, exports to the European Union (EU, 22.4%) and India (11.1%) increased, while those to China (-20.6%), the United States (-9%), and Vietnam (-32.5%) decreased.

Imports increased for wireless communication devices (48.1%) compared to the same period last year but decreased for crude oil (-55.2%), semiconductors (-23.8%), gas (-32.2%), and semiconductor manufacturing equipment (-14.7%). By country, imports from Vietnam (13.7%) and Malaysia (6.1%) increased, while those from China (-16.8%), the United States (-17.5%), and the European Union (-5.9%) decreased.

[Image source=Yonhap News]

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