Exports from the 1st to 20th of this month down 15.2%... Trade Deficit of 1.4 Billion Dollars (Update)

Customs Service, Export and Import Status from July 1 to 20

Exports have decreased by more than 15% as of the 20th of this month. This is due to continued sluggish exports of semiconductors and petroleum products this month, caused by a global demand slowdown and price drops following the decline in oil prices.

The Korea Customs Service announced on the 21st that exports from July 1 to 20 amounted to $31.2 billion, down 15.2% (-$5.61 billion) compared to the same period last year. Imports also recorded $32.6 billion, a 28.0% decrease. The trade balance showed a deficit of $1.4 billion.

Accordingly, the cumulative export value from the beginning of this year to July 20 was $338.4 billion, down 12.6% from the same period last year. Imports were $366.2 billion, a 9.9% decrease. The trade deficit expanded to $27.8 billion.

Exports of major items such as passenger cars increased by 27.9% from July 1 to 20 compared to the same period last year. In contrast, semiconductors and petroleum products decreased by 35.4% and 48.7%, respectively. By country, exports increased to India (3.6%) and Hong Kong (21.1%), but decreased to China (-21.2%) and the United States (-7.3%).

Imports decreased by 28% compared to the same period last year. Among major items, imports of wireless communication devices increased by 14.5%, while crude oil (-53.3%) and semiconductors (-26.5%) decreased. By country, imports from Vietnam (0.6%) and Malaysia (17.5%) increased, whereas imports from China (-21.4%) declined.

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