'Increase in Working Days' Drives 13.5% Export Growth by the 20th... Daily Average Down 10.6% (Update)

Korea Customs Service Announces Export and Import Status for September 1-20
Semiconductor Exports Up 27.0%, Passenger Cars Up 14.9%
Exports to the United States Also Rise by 6.1%

As of the 20th of this month, exports recorded an increase of over 13%, driven by a rise in the number of working days. Key export items such as semiconductors and passenger cars showed strong performance. Exports to the United States also rose by more than 6%.

On September 22, the Korea Customs Service announced the 'Export and Import Status for September 1-20.' According to the report, exports during this period amounted to 40.1 billion dollars, up 13.5% from the same period last year. The export value surpassed 36.5 billion dollars recorded in September 2018, setting a new record high for the month of September.

Export vehicles are waiting to be loaded at Pyeongtaek Port in Gyeonggi. Photo by Kang Jinhyung

The increase in the number of working days led to the growth in exports. The number of working days from September 1 to 20 was 16.5 days, 3.5 days more than the same period last year (13 days). Taking this into account, the average daily export value was 2.43 billion dollars, a decrease of 10.6%.

By the 20th of this month, compared to the same period last year, exports of semiconductors (27.0%), passenger cars (14.9%), ships (46.1%), and wireless communication devices (3.3%) increased, while petroleum products (-4.5%) decreased.

Exports to all of the top ten major countries increased. Exports to China and the United States, the two largest export destinations, rose by 1.6% and 6.1%, respectively. Additionally, exports to Vietnam (22.0%), the European Union (10.7%), and Taiwan (22.9%) also increased.

Imports from September 1 to 20 totaled 38.2 billion dollars, up 9.9% from the same period last year. By item, imports of semiconductors (4.1%), semiconductor manufacturing equipment (49.9%), machinery (16.3%), and gas (10.4%) increased, while crude oil (-9.4%) decreased. By country, imports from China (18.8%), the European Union (10.4%), the United States (6.9%), Japan (4.5%), and Australia (27.7%) increased.

The trade balance for September 1-20 recorded a surplus of 1.894 billion dollars. As a result, the cumulative trade surplus for this year up to the 20th of this month expanded to 42.802 billion dollars.

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