Exports Continue Upward Trend... 3.3% Increase from 1st to 10th of This Month (Comprehensive)

December 1-10 Export-Import Status by Korea Customs Service on the 11th
Daily Average Export Value Surges 18%
Exports Expected to Grow for 3 Consecutive Months

Exports increased by more than 3% from the 1st to the 10th of this month, continuing the rebound trend. The average daily export value surged by 18%. If exports increase throughout December, it will mark three consecutive months of 'export growth.' The government forecasted that this upward trend would continue as exports of major items increased.

According to the 'Export and Import Status from December 1 to 10' announced by the Korea Customs Service on the 11th, exports during this period amounted to $15.8 billion, a 3.3% increase compared to the same period last year. The number of working days was seven, one day fewer than last year. Considering this, the average daily export value rose by 18.6% to $2.26 billion. By country, exports increased to the United States (23.7%) and Hong Kong (48.7%), while exports to China (-6.7%) and Vietnam (-0.9%) decreased.

Despite having one fewer working day than the same period last year, the continued increase in exports is attributed to the impact of last year's Cargo Solidarity strike (November 24 to December 9, 2022) and a surge in ship exports. Semiconductor (-4.0%) and petroleum product (-4.5%) exports decreased compared to the same period last year, but ship exports increased by 141.3%. Passenger car exports also rose by 13.2%.

Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, explained, “Exports slightly increased despite one fewer working day until the 10th, indicating that the export momentum remains strong. The export slump in early December last year due to the Cargo Solidarity strike partly influenced this.” A Korea Customs Service official said, “The number of ships completed and exported during this period particularly increased. However, since ships do not have seasonal characteristics and their export volume fluctuates significantly depending on completion timing, exports could sharply decrease at other times.”

The trade balance continued to show a deficit. From the 1st to the 10th of this month, a deficit of $1.4 billion was recorded. Including this, the cumulative trade deficit for this year stands at $15.856 billion. The deficit has narrowed by $32.16 billion compared to the same period last year (-$48.016 billion).

The government expects the export growth trend to continue. Although global trade is sluggish, the export increase driven by improvements in the domestic semiconductor industry is continuously detected, indicating entry into an upward momentum. Cho, the Trade Policy Officer, said, “Despite unfavorable conditions with two fewer working days this month compared to last year, we expect the export growth trend to continue until the end of the year due to semiconductor industry recovery and strong automobile exports.”

A Korea Customs Service official stated, “Although semiconductor exports decreased until the 10th, considering the increase in passenger cars and others, it is necessary to monitor the situation on a monthly basis. Since competitive major items are generally showing an export increase trend, the possibility of three consecutive months of export growth has increased.”

Meanwhile, imports from the 1st to the 10th of this month amounted to $17.2 billion, a 15.3% decrease compared to the same period last year.

Export containers are being loaded onto a ship at Busan North Port. Photo by Kang Jin-hyung aymsdream@

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