Exports up 11.2% by the 20th of this month... Trade Deficit at 700 Million Dollars (Update)

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

Exports increased by more than 11% through the 20th of this month. Semiconductors and shipbuilding led the export growth.

The Korea Customs Service announced on the 21st that the export value from March 1 to 20 was $34.1 billion, a provisional figure showing an 11.2% increase compared to the same period last year.

The number of working days was 14.5, the same as last year. Considering this, the average daily export value also rose by 11.2% to $2.35 billion.

The export growth of semiconductors and ships was notable. Compared to the same period last year, semiconductors increased by 46.5%, and ships by 70.8%. However, exports of passenger cars (-7.7%) and petroleum products (-1.1%) decreased.

By country, exports increased to China (7.5%), the United States (18.2%), the European Union (EU, 4.9%), and Vietnam (16.6%), while exports to Japan (-6.8%) declined.

Imports amounted to $34.8 billion, down 6.3% from the same period last year. Imports of semiconductors (8.8%), machinery (5.4%), and petroleum products (32.1%) increased compared to the previous year, whereas crude oil (-5.5%) and gas (-37.5%) decreased. Energy imports, including crude oil, gas, and coal, fell by 19.9%.

Regarding imports from major countries, the United States (1.7%), the EU (3.6%), and Vietnam (3.6%) saw increases, while China (-9.0%) and Japan (-5.8%) experienced decreases.

The trade balance recorded a deficit of $711 million. Accordingly, the cumulative trade surplus for this year decreased to $3.977 billion.

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