Exports Down 7.8% from October 1?20... Sharp Decline in Exports to the US (Update)

Exports Down 7.8% Year-on-Year to $30.1 Billion
Imports Fall 2.3% to $33.0 Billion

Yonhap News Agency

From October 1 to 20, exports reached 30.1 billion dollars, marking a 7.8% decrease compared to the same period last year. Imports amounted to 33.0 billion dollars, down 2.3%, resulting in a trade deficit of 2.8 billion dollars.

According to the "Preliminary Export and Import Status for October 1-20" released by the Korea Customs Service on October 21, the export value for October 1-20 stood at 30.1 billion dollars, a decrease of 2.57 billion dollars (7.8%) compared to the same period last year. The import value was 33.0 billion dollars, down by 770 million dollars (2.3%).

By item, exports of semiconductors (up 20.2%), petroleum products (up 10.9%), and ships (up 11.7%) increased, while exports of passenger cars (down 25.0%) and wireless communication devices (down 17.7%) declined. The proportion of semiconductor exports rose to 28.3% of the total, up 6.6 percentage points from 21.7% during the same period last year.

By export destination, exports to Taiwan (up 58.1%), Hong Kong (up 4.9%), and Singapore (up 5.3%) increased, but exports to China (down 9.2%), the United States (down 24.7%), and Vietnam (down 10.0%) decreased. The combined share of the three major export destinations-China, the United States, and Taiwan-accounted for 45.7% of the total.

On the import side, imports of crude oil (up 12.6%), semiconductors (up 0.8%), and passenger cars (up 41.7%) increased, while imports of gas (down 35.0%) and machinery (down 2.3%) decreased. Total energy imports (crude oil, gas, coal) declined by 3.8%.

By major import source, imports from the United States (up 2.3%), Australia (up 30.7%), Taiwan (up 16.2%), and Vietnam (up 9.1%) increased, while imports from China (down 11.6%) and the European Union (down 2.3%) decreased.

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