Semiconductor Exports Continue Strong This Month... Up 19.2% Through the 20th

Customs Service, Export and Import Status from December 1 to 20

The export growth trend that began in October this year continues into this month. Semiconductor exports have increased by nearly 20% from the 1st to the 20th, leading the export boom.

According to the 'Export-Import Status from December 1 to 20' announced by the Korea Customs Service on the 21st, exports during this period amounted to $37.9 billion, an increase of 13.0% ($4.35 billion). If this trend continues and December records a positive monthly figure overall, it will mark the third consecutive month of export growth.

The number of working days from the 1st to the 20th this month was 15.5, the same as the same period last year. Considering the working days, the average daily export value was $2.44 billion, also up 13.0%.

The export growth this month is driven by passenger cars and semiconductors. Semiconductors increased by 19.2%, passenger cars by 27.7%, and petroleum products by 10.4%. The share of semiconductor exports rose by 0.9 percentage points to 17.6%. Among the top 10 export items, exports increased in six categories except for four items: steel products (-2.3%), auto parts (-5.5%), precision instruments (-0.5%), and computer peripherals (-9.5%). By country, exports increased to the United States (30.2%), Vietnam (13.8%), Japan (15.8%), and Hong Kong (133.0%), while exports to China (-0.4%) and the European Union (EU, -16.8%) decreased.

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

Cho Ik-no, Director General of Trade Policy at the Ministry of Trade, Industry and Energy, said, "It is encouraging that not only semiconductors and automobiles but most items are showing positive growth, indicating a favorable upward trend." He added, "Based on export performance up to the 20th of this month, the export value in the second half of the year is approaching that of the first half, and it is expected that by the end of the year, not only the trade balance but also exports will realize a 'high in the low and low in the high' pattern."

Imports from the 1st to the 20th of this month amounted to $36.3 billion, down 9.2% ($3.69 billion) compared to the same period last year. Semiconductors (0.6%), machinery (1.1%), and precision instruments (2.5%) increased, while crude oil (-5.2%) and gas (-41.8%) decreased. Energy imports, including crude oil, gas, and coal, fell by 22.1%. Imports from major countries increased from Vietnam (14.3%) and Malaysia (10.7%), but decreased from China (-4.5%), the United States (-4.5%), and the EU (-10.1%).

The trade balance recorded a surplus of $1.6 billion. Including this, the cumulative trade deficit was $12.834 billion, a reduction of $36.592 billion compared to the same period last year (-$49.426 billion).

The government has decided to establish a preferential export package guarantee worth 2 trillion won to maintain the upward export trend. On this day, Minister Bang Beom-gyu of the Ministry of Trade, Industry and Energy attended a business agreement signing ceremony with the president of the Korea Trade Insurance Corporation and heads of the five major commercial banks (Kookmin, Hana, Shinhan, Woori, Nonghyup) to resolve financial difficulties, which are the top priority for small and medium-sized export companies. This is the first case where all five major commercial banks contribute to the trade insurance fund. Under this agreement, the banks will contribute approximately 120 billion won to the trade insurance fund, and the Korea Trade Insurance Corporation will actively support small and medium-sized export companies through a new export package preferential product worth 2 trillion won based on this fund.

Minister Bang said, "To maintain the upward export trend, the role of not only large corporations but also small and medium-sized enterprises is very important." He added, "In the current situation where the financial strength of small and medium-sized export companies has weakened significantly due to prolonged high interest rates, the establishment of a 2 trillion won export package preferential guarantee will act like a timely rain, enabling export companies to secure the necessary funds at lower interest rates."

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