Exports in Early July Increase by 34%, Centered on Semiconductors… Trade Balance Still in Deficit

 

 

 

Exports in South Korea saw a significant increase, centered around semiconductors, in early July.

According to the Korea Customs Service on the 11th, exports from July 1 to 10 amounted to USD 17.745 billion, an increase of 33.8% compared to the same period last year. This result reflects the effect of an increased number of working days, with average daily exports also rising by 10.2%.

This export boom appears to be driven by a sharp increase in the key item, semiconductors. Semiconductor exports surged by 85.7%, leading the overall export growth.

Semiconductor exports have maintained a double-digit growth rate since November of last year.

In addition, exports of passenger cars (9.8%), petroleum products (40.5%), and steel products (24.2%) also saw increases. On the other hand, exports of ships (-37.5%) and computer peripherals (-14.1%) decreased.

By country, exports to major markets such as China, the United States, and the European Union (EU) increased by 29.1%, 26.4%, and 26.2%, respectively. Exports to China amounted to USD 3.547 billion, surpassing the USD 3.223 billion in exports to the United States.

During the same period, imports amounted to USD 19.7 billion, an increase of 26.7%. Major import items included semiconductors (35.1%), crude oil (21.3%), and machinery (17.3%). The increase in import value by country was China (28.7%), the United States (43.4%), and the EU (29.0%).

As a result, the trade balance recorded a deficit of USD 1.955 billion. This is a significant increase compared to the USD 737 million deficit in the same period last year. However, the monthly trade balance has maintained a surplus for 13 consecutive months until last month.

Cho Ik-no, Trade Policy Officer at the Ministry of Trade, Industry and Energy, stated, "Despite seasonal factors such as summer vacations, exports in July are expected to continue to increase, centered around IT items including semiconductors," and added, "The trade balance is also expected to improve by the end of the month."

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Exports in Early July Increase by 34%, Centered on Semiconductors… Trade Balance Still in Deficit