Exports Down 14.6% from February 1-10... "Impact of Insufficient Working Days" (Update)

Korea Customs Service, Export and Import Status "Overall Upward Trend Expected in February"
Daily Average $2.31 Billion...11.7% Increase Compared to Same Period Last Year

Exports have decreased by nearly 15% as of the 10th of this month. This is attributed to the reduced number of working days due to the Lunar New Year holiday falling in February, unlike last year.

The Korea Customs Service announced the export-import status from February 1 to 10 on the 13th. During this period, export value was $15 billion, down 14.6% ($2.56 billion) compared to the same period last year.

Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, explained, "The double-digit decline in exports this time is a temporary phenomenon caused by the shortage of working days due to the Lunar New Year holiday," adding, "Considering the number of working days, the average daily exports actually increased by double digits."

The number of working days as of the 10th of this month was 6.5 days, two days fewer than the same period last year (8.5 days). Taking this into account, the average daily export value was $2.31 billion, an 11.7% increase from $2.07 billion in the same period last year.

Among major export items, semiconductors (42.2%) increased compared to the same period last year. Petroleum products (-21.0%), passenger cars (-36.3%), and auto parts (-13.3%) decreased. By country, exports to Hong Kong (143.1%) increased, while those to the United States (-12.4%), China (-20.3%), the European Union (EU, -35.5%), and Vietnam (-19.2%) decreased.

Imports from February 1 to 10 amounted to $17 billion, down 24.6% ($5.56 billion) compared to the same period last year. Semiconductor manufacturing equipment (32.8%) increased, but crude oil (-14.3%), semiconductors (-13.7%), and gas (-57.5%) decreased. Energy imports including crude oil, gas, and coal showed a 33.0% decline. Imports from major countries increased from Taiwan (10.8%) but decreased from China (-3.4%), the United States (-31.7%), the EU (-23.3%), and Japan (-30.5%).

The trade balance recorded a deficit of $2 billion. Including this, the cumulative trade deficit for this year stands at $1.673 billion.

Trade Policy Officer Cho said, "February may see a slowdown in automobile and exports to China due to the Lunar New Year and Chinese New Year holidays," but he also forecasted, "Overall, export momentum is expected to continue, centered on IT items such as semiconductors and computers."

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