Exports Drop 15.2% Due to Chuseok Holiday... Average Daily Exports Up 33.2% (Update)

Korea Customs Service Releases Export and Import Trends for October 1-10
Export Volume at 13 Billion Dollars... Down 2.33 Billion Dollars Year-on-Year
Working Days Reduced by Two: From 5.5 to 3.5 Days

Exports from October 1 to 10 recorded a decline of more than 15%. This was due to a reduced number of working days caused by the Chuseok holiday. Taking this into account, the average daily export value increased by more than 33% compared to the same period last year.

According to the "Provisional Export and Import Status for October 1-10" released by the Korea Customs Service on October 13, exports amounted to 13 billion dollars, down 15.2% from the same period last year.

Export vehicles are waiting to be loaded at Pyeongtaek Port in Gyeonggi Province. Photo by Kang Jin-hyung

The decrease in exports was due to fewer working days, meaning there were fewer days when employees went to work. This was because the Chuseok holiday fell in October this year, whereas it was in September last year. As a result, the number of working days was 3.5, two days fewer than the previous year. Taking this into consideration, the average daily export value was 3.7 billion dollars, up 33.2%.

Previously, in September, for the same reason, total exports increased by 12.7% year-on-year to 65.95 billion dollars, setting a record high for the first time in three and a half years since March 2022. In contrast, there were 24 working days in September this year, four days more than the previous year (20 days). Accordingly, the average daily export value was 2.75 billion dollars, down 6.1%. With fewer working days in October, unlike September, it is highly likely that the total exports will decrease while the average daily export value will increase.

Up to October 10, exports by item were also affected by the decrease in working days. Among the top 10 major export items, exports of eight items, except for semiconductors (up 47.0%) and petroleum products (up 6.2%), fell sharply. Ship and passenger car exports decreased by 12.9% and 51.8%, respectively. In addition, exports of wireless communication devices (down 28.9%), auto parts (down 49.1%), precision instruments (down 40.0%), and home appliances (down 52.5%) also saw significant declines.

By country, exports to Taiwan (up 200.4%) and Hong Kong (up 5.2%) increased, while exports to China (down 19.1%), the United States (down 43.4%), Vietnam (down 19.0%), and the European Union (down 44.0%) decreased.

Imports from October 1 to 10 amounted to 13.5 billion dollars, down 22.8% from the same period last year. Imports of crude oil (up 22.2%) and coal (up 17.8%) increased, while imports of semiconductors (down 20.0%), petroleum products (down 6.4%), gas (down 29.1%), and machinery (down 32.9%) decreased. By region, imports from Saudi Arabia (up 41.4%), Taiwan (up 0.6%), and Australia (up 18.0%) increased, while imports from China (down 34.5%), the United States (down 27.7%), and the European Union (down 40.4%) decreased.

Up to October 10, the trade balance recorded a deficit of 527 million dollars as imports exceeded exports. Including this, the cumulative trade surplus for this year reached 49.846 billion dollars.

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