Decrease in Operating Days Causes 1% Drop in Exports... "Overall Growth Expected to Continue in January"

Exports decreased by 1% up to the 20th of this month due to a slight reduction in working days. However, the government expects overall export growth for January.

According to the Korea Customs Service on the 28th, export value from January 1 to 20 was $33.3 billion, down 1.0% ($340 million) compared to the same period last year.

An official from the Ministry of Trade, Industry and Energy explained, "The slight decline in exports from the 1st to the 20th is due to fewer 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 year's January 1-20 exports relatively lower. 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@

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 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%), 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%), automobile 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%) declined.

The decline in imports was even greater. Imports up to 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.

The government views the export decline from the 1st to the 20th as temporary. An official from the Ministry of Trade, Industry and Energy said, "There are three more working days remaining this month compared to 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.