Exports down 7.9% until the 10th of this month... Trade deficit of 1.6 billion dollars (Update)

Korea Customs Service, Export-Import Status from September 1 to 10
Choo Kyung-ho "Exports to Rebound from October"

The single-digit decline in exports continued into this month. The trade deficit narrowed to $1.6 billion, about half the level of the previous month.

Busan=Photo by Jinhyung Kang aymsdream@

The Korea Customs Service announced the 'Export and Import Status from September 1 to 10' on the 11th, containing these details.

Exports from September 1 to 10 amounted to $14.9 billion, down 7.9% compared to the same period last year. The decline narrowed by 7.4 percentage points compared to the previous month’s same period (-15.3%). However, the average daily export value, considering working days, was $2.12 billion, a 14.5% decrease. This is due to the increase in working days from 6.5 days in the same period last year to 7 days this year, an increase of 0.5 days.

This month, exports were led by increases in passenger cars (32.4%) and ships (52.4%). Among the top 10 major items, exports of five items increased, including steel products (4.0%), wireless communication devices (5.6%), and home appliances (14.6%).

On the other hand, semiconductor exports decreased by 28.2% and petroleum products by 14.0% compared to the same month last year. Exports of automobile parts (-15.1%), precision instruments (-16.6%), and computer peripherals (-46.5%) also declined.

By country, exports to eight of the top 10 export destinations decreased, except for the United States (2.3%) and Hong Kong (3.0%). Exports to China fell by 17.7%, and to the European Union (EU) by 14.7%. Additionally, exports decreased to Vietnam (-1.2%), Japan (-9.4%), Taiwan (-6.5%), Singapore (-12.5%), India (-4.1%), and Malaysia (-13.7%).

Imports from September 1 to 10 recorded $16.5 billion, down 11.3% compared to the same period last year. Similar to exports, the decline rate narrowed by 19.2 percentage points compared to the same period last year (30.5%).

By item, imports of petroleum products (38.6%), machinery (7.5%), and semiconductor manufacturing equipment (17.2%) increased. Imports of crude oil (-10.2%), semiconductors (-13.5%), gas (-55.7%), and coal (-45.2%) among seven items decreased. By country, imports from China (1.9%) and the EU (15.8%) increased, while imports from the United States (-14.4%), Japan (-8.5%), and Russia (-34.6%) decreased.

The trade balance showed a deficit of $1.644 billion. The deficit narrowed by $1.366 billion compared to the same period last month ($3.01 billion).

The government expects exports to rebound in the second half of this year. On the 3rd, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said, "From around October, exports will start turning positive, and the economic recovery trend will become visible." This suggests a high possibility that the decline will continue through September. If so, the export decline will continue for 12 consecutive months since October last year.

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