Exports up 9.8% from 1st to 20th this month... When will monthly growth occur?

Korea Customs Service, Export and Import Trends from September 1 to 20

Exports from September 1 to 20 increased by nearly 10%, marking a growth trend for the first time in three months. This export increase was due to a rise in the number of working days; considering this, exports actually decreased by nearly 8%. The government expects exports to turn positive starting in October.

According to the 'Export and Import Status from September 1 to 20' announced by the Korea Customs Service, export value reached $36 billion, up 9.8% compared to the same period last year. This increase in exports during the period (1?20) is the first in three months since June (5.2%).

The export growth this month was largely influenced by the increased number of working days. From September 1 to 20, the number of working days was 15.5, which is 2.5 days more than the same period last year. Considering this, the average daily export value was $2.32 billion, a decrease of 7.9%.

Among the top 10 major items, exports of six items increased, excluding semiconductors (-14.1%), petroleum products (-11.4%), precision instruments (-2.5%), and computer peripherals (-30.3%). Automobiles and ships led the export growth, increasing by 49.1% and 73.9%, respectively. Exports of steel products (25.3%), automobile parts (16.5%), and home appliances (36.0%) also rose.

By country, exports to China (-9.0%), Taiwan (-7.3%), Singapore (-33.1%), and Malaysia (-17.0%) decreased. On the other hand, exports to six of the top ten major countries increased, including the United States (30.5%), the European Union (EU, 32.7%↑), Vietnam (14.3%), and Japan (12.2%).

Imports also showed a moderated decline. From September 1 to 20, import value was $36.4 billion, down 1.5% compared to the same period last year. The import decline rate for the same period in August (August 1?20) was 27.9%. The trade balance recorded a deficit of $489 million, significantly narrowing the deficit compared to the previous month’s same period (a deficit of $3.57 billion).

The government expects exports to turn positive from the fourth quarter of this year. On the 2nd, Kim Wanki, Director of Trade and Investment at the Ministry of Trade, Industry and Energy, explained the August export and import performance, stating, "In addition to automobiles and ships, displays and home appliances are also showing signs of recovery, and this trend is expected to continue next month and through the fourth quarter." He added, "There will be months in the fourth quarter where exports show positive growth, and this upward trend is expected to continue thereafter." On the 3rd, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho also said, "Starting around October, exports will begin to turn positive, making the economic recovery more visible."

[Image source=Yonhap News]

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