Exports Down 4.3% Through the 10th of This Month... Shipments to the US Drop 14.2% (Update)

Exports during the first ten days of this month decreased by more than 4% compared to the same period last year. In particular, exports to the United States fell by over 14%.

According to the "Export and Import Status for August 1-10" released by the Korea Customs Service on the 11th, export value stood at $14.7 billion, a 4.3% decrease from the same period last year.

Containers are piled up at Pyeongtaek Port in Gyeonggi.

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The number of business days from August 1 to 10 was seven, one day less than the same period last year (eight days). Taking this into account, the average daily export value was $2.1 billion, which represents a 9.3% increase.

By item, exports of semiconductors (12.0%), ships (81.3%), and passenger cars (8.5%) increased compared to the same period last year, while exports of petroleum products (-19.4%), steel products (-18.8%), and wireless communication devices (-4.5%) decreased.

By country, exports to Vietnam (4.1%) and Taiwan (47.4%) increased, whereas exports to China (-10.0%), the United States (-14.2%), and the European Union (EU·-34.8%) declined.

Imports from August 1 to 10 amounted to $15.9 billion, a 13.6% decrease from the same period last year. Imports of wireless communication devices (8.0%) increased, but imports of crude oil (-14.2%), semiconductors (-8.4%), gas (-29.5%), and petroleum products (-1.7%) decreased. Imports from major countries such as Saudi Arabia (2.1%) and Vietnam (9.4%) increased, while imports from China (-11.1%), the United States (-18.7%), and the EU (-5.3%) decreased.

The trade balance for the first ten days of this month recorded a deficit of $1.2 billion. As a result, the cumulative trade surplus from the beginning of this year to August 10 decreased to $33.279 billion.

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