Exports up 4.6% by the 20th of this month... Positive Signal for October Rebound (Comprehensive)

Korea Customs Service, Export-Import Status from October 1 to 20
Government: "Exports Will Definitely Turn Positive by October at the Earliest, November at the Latest"

Exports increased by more than 4% through the 20th of this month, signaling a positive outlook for a return to export growth in October. If exports continue to rise this month, it will mark the first positive growth in 13 months since October of last year.

According to the export-import status report from October 1 to 20 released by the Korea Customs Service on the 23rd, export value reached $33.8 billion, up 4.6% compared to the same period last year. The number of working days was 13, which is 0.5 days fewer than the same period last year. Considering this, the average daily export value increased by 8.6% to $2.6 billion.

Among the top 10 major export items, six items showed growth except for four items: semiconductors (-6.4%), steel products (-0.7%), auto parts (-9.2%), and precision instruments (-12.3%). Exports of petroleum products and passenger cars expanded by 14.5% and 24.7%, respectively. Exports of ships (63.0%), wireless communication devices (6.1%), and home appliances (15.9%) also increased.

By country, exports increased to eight countries including the United States (12.7%), Vietnam (0.6%), Japan (20.0%), Singapore (37.5%), and Malaysia (32.0%), except for China (-6.1%) and the European Union (EU, -1.0%).

Imports from October 1 to 20 amounted to $37.6 billion, up 0.6% compared to the same period last year. This marks a shift from a 1.6% decrease in the same period last year to an increase.

By item, crude oil (30.5%) and petroleum products (35.9%) increased compared to the same period last year, while semiconductors (-3.3%), gas (-30.9%), and machinery (-2.3%) decreased. Energy imports including crude oil, gas, and coal increased by 6.1%. By country, imports from Saudi Arabia (17.3%) and Australia (18.5%) increased, whereas imports from China (-4.5%), the United States (-9.0%), and the EU (-3.2%) decreased.

The trade balance recorded a deficit of $3.7 billion. As a result, the cumulative deficit from the beginning of this year through the 20th of this month increased to $23.435 billion.

The government expects exports to rebound as early as this month. The Ministry of Economy and Finance stated in the 'October Recent Economic Trends (Green Book)' that "the sluggishness in semiconductor and exports to China is rapidly easing, showing a favorable trend. Production and exports, centered on manufacturing, are showing signs of recovery." Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho recently said, "There is a very high possibility that October exports will turn positive. Even if there is a slight shortfall due to the long holidays in early October and 0.5 fewer working days, it seems certain that exports will turn positive by November at the latest."

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