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

From September 1 to 10, exports increased, driven by strong performances in semiconductors and ships, as well as an increase in the number of working days. However, due to the impact of U.S. tariffs and global oversupply, steel exports continued to decline, and exports to the United States fell by more than 8%.

According to the Korea Customs Service on September 11, exports for the first ten days of this month amounted to 19.2 billion dollars, up 3.8% compared to the same period last year.

President Donald Trump signed a proclamation imposing a 25% tariff without exceptions on steel and aluminum products imported into the United States, and stated that tariffs on automobiles and semiconductors are also under consideration. On February 13, 2025, export vehicles were waiting to be loaded at Pyeongtaek Port in Gyeonggi Province. Photo by Kang Jinhyung

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The increase in the number of working days contributed to the positive export growth. By September 10, there were 8.5 working days, one more than the same period last year. Taking this into account, the average daily export value was 2.26 billion dollars, a decrease of 8.4%. An official from the Ministry of Trade, Industry and Energy explained, "Strong semiconductor exports led to increased shipments to Vietnam, Taiwan, and other countries," adding, "On the other hand, exports to the United States continued to decline due to tariff measures."

By item, exports of semiconductors (up 28.4%), ships (up 55.3%), and auto parts (up 2.1%) increased compared to the same period last year. In contrast, exports of passenger cars (down 1.9%) and petroleum products (down 21.1%) decreased. Steel, which is currently subject to a 50% tariff by the United States, also saw exports fall by 2.9%.

By country, exports to the United States decreased by 8.2%. Exports to the European Union also dropped by 21.6%. In contrast, exports to China (up 0.1%), Vietnam (up 24.0%), and Taiwan (up 31.2%) increased.

Imports for the first ten days of September reached 20.4 billion dollars, up 11.1% compared to the same period last year. Imports of semiconductors (up 6.6%), machinery (up 17.6%), gas (up 49.3%), and semiconductor manufacturing equipment (up 55.9%) all increased. Imports of crude oil (down 0.9%) decreased. Imports from all ten major countries, including China (up 16.2%), the European Union (up 4.9%), the United States (up 4.7%), Japan (up 8.1%), Taiwan (up 5.3%), and Vietnam (up 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.

The government projected that monthly exports for September will continue to grow. An official from the Ministry of Trade, Industry and Energy stated, "Last year, the Chuseok holiday fell in September, so this year there are 24 working days in September, four more than last year," adding, "With the increase in working days and strong semiconductor exports, total exports for September are expected to post positive growth."

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