"Expecting Export Growth and Trade Surplus in June... Exports Smoothly Sailing at 700 Billion Dollars"

Exports increased by 8.5% until the 20th of this month, continuing the upward trend. The government expects overall exports and trade surplus to be positive for the entire month.

According to the Korea Customs Service on the 23rd, export value from June 1 to 20 was $35.8 billion, an 8.5% 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 was $2.47 billion, also up 8.5%.

By item, exports of six out of ten major items increased compared to the same period last year, including semiconductors (50.2%), petroleum products (6.0%), and wireless communication devices (10.0%). Passenger cars (-0.4%) and ships (-40.3%) decreased. Among the top 10 major countries, exports increased to nine countries including the United States (23.5%), China (5.6%), Vietnam (30.7%), and Japan (1.3%), except for the European Union (EU, -7.3%).

Imports from June 1 to 20 amounted to $34.2 billion, down 0.6% compared to the same period last year. Crude oil (14.4%), semiconductors (5.2%), and machinery (4.3%) increased, while semiconductor manufacturing equipment (-16.3%) and passenger cars (-44.1%) decreased. Energy imports such as crude oil, gas, and coal increased by 5.0%. By country, imports increased from the United States (9.6%) and Taiwan (24.7%), but decreased from China (-0.8%), the EU (-7.2%), and Japan (-12.6%).

The trade balance recorded a surplus of $1.5 billion. Accordingly, the cumulative trade surplus from the beginning of this year until the 20th of this month reached $16.6 billion.

An official from the Ministry of Trade, Industry and Energy said, "Exports until the 20th of this month showed a positive growth rate as key export items such as semiconductors, petroleum products, and wireless communication devices rose due to the recovery trend in the IT industry and economic improvements in major countries." He added, "Although there are 1.5 fewer working days remaining until the end of the month, exports in June will continue the positive trend based on solid upward momentum, and the trade surplus is expected to further expand."

Total exports from January to May this year amounted to $277.7 billion, a 9.9% increase compared to the same period last year. In particular, semiconductor exports recorded a cumulative $52.3 billion until May, up 52.5% compared to the same period last year. May automobile exports reached a record high of $30.8 billion, and ship exports increased by 54%, the highest among 15 major items, reaching $10.2 billion, leading the upward trend of Korean exports. The trade balance has maintained a surplus for 12 consecutive months since June last year, showing a surplus of $32.3 billion.

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