Exports Start Declining This Month... Cumulative Trade Deficit Reaches $27.9 Billion (Update)

Korea Customs Service, Export-Import Status from August 1 to 10
Exports Down 15.3%·Imports Down 30.5%·Trade Deficit $3 Billion

Exports have continued to struggle this month. The export decline rate has widened compared to the same period last month (-14.7%), and the trade deficit has also increased.

On the 11th, the Korea Customs Service announced the 'Export and Import Status from August 1 to 10' containing this information.

[Image source=Yonhap News]

Exports amounted to $13.218 billion, down 15.3% compared to the same period last year. The decline was steeper than the 14.7% drop from July 1 to 10. Including this, cumulative exports for this year reached $370.697 billion, a 13.1% decrease from the same period last year.

Among the top 10 major items, exports of eight items declined except for passenger cars (27.2%) and ships (182.8%). In particular, semiconductor exports fell 18.1% to $2.45 billion. Petroleum products decreased by 37.8%, widening the decline. Exports of steel products (-22.4%), precision instruments (-12.7%), home appliances (-18.8%), and computer peripherals (-21.2%) also decreased.

By country, exports to Vietnam (3.7%) and Hong Kong (75.9%) increased, but exports to China (-25.9%), the United States (-0.8%), the European Union (EU, -22.7%), and Japan (-10.4%) were sluggish.

Imports decreased even more than exports. Imports through the 10th of this month amounted to $16.232 billion, down 30.5%. The decline rate increased by 3.6 percentage points compared to last month (-26.9%). Imports of the top 10 major items, including semiconductors (-23.6%), crude oil (-45.9%), gas (-57.1%), and passenger cars (-41.8%), all declined. By country, imports from the top 10 major countries, including China (-27.9%), the United States (-31.7%), the EU (-13.1%), Japan (-24.4%), Australia (-34.5%), and Vietnam (-15.9%), all decreased.

The trade balance recorded a deficit of $3.014 billion through the 10th of this month. Including this, the cumulative trade deficit expanded to $27.852 billion. However, there is still a possibility that the monthly trade balance for August will turn positive. Last month, the trade balance recorded a deficit of $2.268 billion from the 1st to the 10th, but the deficit improved to $1.361 billion from the 1st to the 20th, and overall, July recorded a surplus of $1.626 billion.

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