Exports up 21.6% by the 10th of this month... Trade Deficit at 2 Billion USD (Update)

by Ju Sangdon

Published 11 Apr.2024 09:18(KST)

Updated 11 Apr.2024 13:58(KST)

Korea Customs Service, Export and Import Status from April 1 to 10

Exports increased by more than 20% until the 10th of this month.

According to the export-import status from April 1 to 10 announced by the Korea Customs Service on the 11th, exports amounted to $16.4 billion, a 21.6% increase compared to the same period last year.

The number of working days was 7.5, 0.5 days more than the 7 days in the same period last year. Considering this, the average daily export value was $2.19 billion, up 13.5% compared to the same period last year.

Export containers are being loaded onto a ship at Busan North Port. Photo by Jinhyung Kang aymsdream@

By item, exports increased compared to the same period last year in semiconductors (45.5%), passenger cars (8.6%), petroleum products (13.3%), automobile parts (27.2%), and wireless communication devices (10.5%).

Exports to major countries increased to the United States (37.4%), China (20.8%), the European Union (EU, 8.6%), and Vietnam (46.7%), while exports to Singapore (-25.9%) decreased.

Imports amounted to $18.4 billion, a 5.8% increase compared to the same period last year. Compared to the same period last year, imports of crude oil (19.2%), semiconductors (24.3%), machinery (22.1%), and petroleum products (6.1%) increased, while gas (-11.3%) decreased. By country, imports from China (14.0%), the United States (11.0%), and Japan (10.2%) increased, while those from the European Union (-9.0%) and Australia (-2.2%) decreased.

The trade balance recorded a deficit of $2 billion. Accordingly, the cumulative trade balance from the beginning of this year until the 10th of this month is a surplus of $7.056 billion.

Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry and Energy, said, "Exports increased by double digits until the 10th, showing that the upward trend of our exports is becoming more solid," adding, "In April, the upward trend in exports and the surplus trade balance will gain more momentum, supported by the full-scale improvement in the business conditions of IT items including semiconductors, and the rising exports of key items such as automobiles and ships."