Exports Up 3.8% Through the 10th of This Month... Exports to the U.S. Down 8.2% (Update)

From September 1 to 10, exports saw an overall increase of nearly 4%, driven by strong performances in semiconductors and ships, as well as an increase in the number of working days. However, exports to the United States declined by more than 8% due to the impact of U.S. tariffs.

According to the Korea Customs Service's report on export and import trends for September 1 to 10, released on September 11, export value reached 19.2 billion dollars, up 3.8% compared to the same period last year.

Pyeongtaek Port, Gyeonggi Province. Photo by Jin-Hyung Kang

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The increase in the number of working days contributed to the positive export figures. As of the 10th of this month, there were 8.5 working days, one more than during the same period last year. Taking this into account, average daily exports amounted to 2.26 billion dollars, a decrease of 8.4%.

By item, exports of semiconductors (28.4%), ships (55.3%), and auto parts (2.1%) increased compared to the same period last year, while exports of passenger cars (-1.9%) and petroleum products (-21.1%) decreased. Exports to the United States fell by 8.2%, and exports to the European Union also declined by 21.6%. In contrast, exports to China (0.1%), Vietnam (24.0%), and Taiwan (31.2%) increased.

From September 1 to 10, imports totaled 20.4 billion dollars, up 11.1% year-on-year. Imports of semiconductors (6.6%), machinery (17.6%), gas (49.3%), and semiconductor manufacturing equipment (55.9%) increased, while imports of crude oil (-0.9%) decreased. By country, imports from all ten major trading partners-including China (16.2%), the European Union (4.9%), the United States (4.7%), Japan (8.1%), Taiwan (5.3%), and Vietnam (23.3%)-increased.

The trade balance recorded a deficit of 1.226 billion dollars. Including this, the cumulative trade surplus for the year reached 39.681 billion dollars.

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