Exports falter due to fewer working days... Daily average export value rises 2.2% (Update)

Customs Service Export-Import Status from January 1 to 20
Exports Down 1% Compared to Same Period Last Year
Working Days 0.5 Days Fewer Than Last Year

Exports until the 20th of this month decreased by 1% compared to the same period last year. This was due to a reduction in the number of working days.

The Korea Customs Service announced the export-import status from January 1 to 20 on the 22nd, including this information.

According to the report, export value until the 20th of this month was $33.3 billion, a 1.0% ($340 million) decrease compared to the same period last year.

An official from the Ministry of Trade, Industry and Energy explained, "Along with the decrease in working days, exports temporarily declined from January 1 to 20 because customs clearance was concentrated just before the Lunar New Year holiday during the same period last year, which caused an increase in exports. Considering the impact of working days, the average daily export remains positive."

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

In fact, the number of working days from January 1 to 20 this year was 15.5 days, 0.5 days fewer than the 16 days in the same period last year. Taking this into account, the average daily export value was $2.15 billion, a 2.2% increase compared to the same period last year.

Looking at the performance of major export items compared to the same period last year, semiconductors (19.7%), passenger cars (2.6%), and ships (89.8%) increased. On the other hand, petroleum products (-0.9%) and wireless communication devices (-24.2%) decreased.

Exports to major countries increased to China (0.1%), the United States (3.6%), and Taiwan (21.4%), while exports to the European Union (EU, -9.4%), Vietnam (-4.2%), and Japan (-4.1%) decreased.

Imports until the 20th of this month amounted to $35.9 billion, an 18.2% ($7.98 billion) decrease compared to the same period last year. The trade balance recorded a deficit of $2.6 billion.

Regarding major import items, crude oil (0.7%) increased compared to the same period last year, while semiconductors (-7.3%), gas (-47.8%), petroleum products (-5.6%), and machinery (-10.5%) decreased. Energy imports such as crude oil, gas, and coal decreased by 23.1%.

Imports from major countries increased from Taiwan (0.6%), but decreased from China (-19.5%), the United States (-22.7%), the EU (-23.9%), and Japan (-16.1%).

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