Export down 2.9% until the 20th of this month... "Temporary decline due to reduced working days" (Update)

Korea Customs Service, Export and Import Status from October 1 to 20

Exports recorded a decline from the beginning of this month until the 20th, due to a reduction in the number of working days. The government expects overall exports for October to show a positive figure, supported by strong exports of semiconductors and automobiles.

According to the 'October 1-20 Export and Import Status' announced by the Korea Customs Service on the 21st, exports amounted to $32.8 billion, a 2.9% decrease compared to the same period last year.

The decrease in exports is largely due to fewer working days. The number of working days was 12.5, which is 0.5 days less than the 13.0 days during the same period last year. Considering this, the average daily export value increased by 1.0% to $2.62 billion.

Cargo is stacked on a container ship docked at Busan Port. Photo by Kang Jin-hyung aymsdream@

By item, semiconductors (36.1%) and computer peripherals (15.6%) increased, while passenger cars (-3.3%), steel products (-5.5%), and petroleum products (-40.0%) decreased. By country, exports to China (1.2%), Vietnam (1.1%), and Taiwan (90.0%) increased. In contrast, exports to the United States (-2.6%) and the European Union (EU, -8.9%) decreased.

Imports from October 1 to 20 amounted to $33.8 billion, a 10.1% decrease compared to the same period last year. Imports of semiconductors (0.8%) and gas (9.7%) increased year-on-year, while crude oil (-25.5%) and petroleum products (-13.2%) decreased. Energy imports, including crude oil, gas, and coal, also decreased by 17.7%. Among major countries, imports from Japan (2.2%) and Vietnam (0.4%) increased, whereas imports from China (-11.1%), the United States (-4.8%), and the EU (-12.7%) decreased.

The trade balance recorded a deficit of $1 billion. Accordingly, the cumulative trade surplus from the beginning of this year until the 20th of this month reached $35.747 billion.

Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, stated, "Exports until the 20th temporarily decreased slightly due to a shortage of working days, but exports of IT items such as semiconductors and computers increased, and average daily exports excluding the effect of working days also rose, maintaining a solid upward momentum. We expect that in October, the strong growth of the two major export items, semiconductors and automobiles, will continue the export increase for the 13th consecutive month, and the trade balance will further improve toward the end of the month."

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