Exports Continue to Rise... Up 3.2% Through the 10th of This Month (Comprehensive)

Customs Service, Export and Import Status from November 1 to 10

Exports started this month on an upward trend. If exports maintain this growth throughout November, it will mark two consecutive months of increase following last month's positive turnaround after 13 months. The government expects the export growth to continue for the time being.

According to the Korea Customs Service on the 13th, export value from the 1st to the 10th of this month reached $18.2 billion, a 3.2% increase compared to the same period last year. The number of working days was 8.5, the same as the previous year. Considering this, the average daily export value rose by 3.2% to $2.15 billion.

An official from the Ministry of Trade, Industry and Energy stated, "Although the results from the 1st to the 10th are short-term statistics with some fluctuations, exports of automobiles and general machinery are strong, and semiconductors are also showing an upward trend, indicating a positive flow." He added, "We expect that throughout November, following October, the export growth and trade surplus trends will continue, solidifying the 'export growth and trade surplus' momentum."

Exports successfully rebounded in October this year. Achieving the highest monthly performance of $55.09 billion, exports turned positive for the first time in 13 months. The trade balance also recorded a surplus for five consecutive months, marking the first time in 20 months since February last year that both export growth and trade surplus were achieved simultaneously.

Breaking down export performance by item up to the 10th of this month, semiconductor exports increased by 1.3% compared to the same period last year. Exports of passenger cars (37.2%), wireless communication devices (4.1%), precision instruments (17.1%), and home appliances (16.9%) also rose. Conversely, exports of petroleum products (-9.2%), steel products (-5.7%), automobile parts (-6.4%), computer peripherals (-17.6%), and ships (-67.1%) declined.

By country, exports increased to the United States (23.0%), Vietnam (7.6%), and Japan (26.9%), while exports to China (-0.1%), the European Union (EU, -5.0%), and Malaysia (-1.6%) decreased.

Imports up to the 10th of this month amounted to $20 billion, a 1.2% increase compared to the same period last year. Crude oil (39.5%) and petroleum products (36.8%) imports rose, whereas semiconductors (-3.7%), gas (-4.7%), and passenger cars (-34.5%) imports declined. Imports from major countries increased from the United States (11.4%), the EU (1.1%), and Saudi Arabia (38.3%), while imports from China (-2.9%) and Japan (-11.8%) decreased.

The trade balance recorded a deficit of $1.741 billion, narrowing the deficit by $3.65 billion compared to the deficit of $5.391 billion from the 1st to the 10th of last month. Reflecting the deficit up to the 10th of this month, the cumulative trade deficit for this year stands at $19.852 billion.

To maintain the export growth trend, the government is implementing a 'short-term export expansion strategy' by intensively injecting 78 trillion won in trade finance until the end of the year. First, through policy financial institutions such as the Korea Trade Insurance Corporation and the Export-Import Bank of Korea, 78 trillion won worth of trade finance will be concentrated on all stages of export?from contract to shipment and payment receipt?until the end of this year. Additionally, export insurance and guarantee fees for small and medium-sized enterprises and mid-sized companies will be uniformly reduced by 50% until June next year.

Moreover, the export voucher program, which supports subsidies in the form of vouchers usable for overseas market research and export capacity-building education, will be doubled to 31.1 billion won next year. Through these measures, the government aims to increase export value from $106.6 billion in November-December last year to $110 billion.

(Photo)

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