Export Slows Due to Reduced Operating Days... Average Daily Export Value Up 2.2% (Comprehensive)

Customs Service Export-Import Status from January 1 to 20
Working Days 0.5 Days Fewer Than Last Year
Government "Double-Digit Increase Confirmed for Entire January"

Exports decreased by 1% until the 20th of this month. This is analyzed to be due to a slight reduction in working days and the concentration of export volumes ahead of the Lunar New Year holiday in January last year.

According to the export-import status from January 1 to 20 announced by the Korea Customs Service on the 22nd, exports during this period amounted to $33.3 billion, down 1.0% ($340 million) compared to the same period last year.

Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, explained, "The slight decline in exports from the 1st to the 20th is due to a decrease in working days and the fact that customs clearance was concentrated just before the Lunar New Year holiday during the same period last year, which increased exports then, making this month's exports relatively lower. Considering the impact of working days, the average daily exports are still positive."

The number of working days from the 1st to the 20th of this month 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 amount was $2.15 billion, an increase of 2.2% compared to the same period last year.

Cargo containers are stacked at Pyeongtaek Port as seen from the air. [Aerial shooting cooperation=Seoul Metropolitan Police Agency Aviation Unit, Pilots: Lieutenant Shin Seungho - Lieutenant Park Jihwan, Crew: Lieutenant Park Sangjin] Photo by Kang Jinhyung aymsdream@

Looking at the performance of major export items compared to the same period last year, semiconductors (19.7%), passenger cars (2.6%), ships (89.8%), computer peripherals (24.0%), and home appliances (7.9%) increased. On the other hand, petroleum products (-0.9%), steel products (-7.4%), auto parts (-16.0%), wireless communication devices (-24.2%), and precision instruments (-11.6%) decreased.

By country, exports increased to China (0.1%), the United States (3.6%), Taiwan (21.4%), and Singapore (2.9%), while exports to the European Union (EU, -9.4%), Vietnam (-4.2%), Japan (-4.1%), India (-5.1%), and Malaysia (-20.0%) decreased.

The decline in imports was even greater. Imports until the 20th of this month amounted to $35.9 billion, down 18.2% ($7.98 billion) compared to the same period last year. The trade balance recorded a deficit of $2.6 billion.

Among the top 10 major import items, imports of nine items decreased except for crude oil (0.7%). Semiconductors (-7.3%), gas (-47.8%), petroleum products (-5.6%), machinery (-10.5%), coal (-32.8%), semiconductor manufacturing equipment (-14.4%), and wireless communication devices (-38.0%) all declined. Energy imports such as crude oil, gas, and coal decreased by 23.1% compared to the same period last year.

Imports from major countries mostly decreased except for Taiwan (0.6%). Imports from China (-19.5%), the United States (-22.7%), the EU (-23.9%), Japan (-16.1%), and Australia (-30.4%) declined.

The government views the export decline from the 1st to the 20th as temporary. Trade Policy Officer Cho said, "The remaining working days this month are three days more than the same period last year, so double-digit export growth is expected this month. The trade balance is also expected to gradually improve toward the end of the month."

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