South Korea's exports in early October saw a significant increase due to strong performance in major industries such as semiconductors and passenger vehicles.
According to data released by the Korea Customs Service on the 11th, the export value from October 1 to 10 amounted to $15.313 billion, a 33.2% increase compared to the same period last year.
Even after considering the number of working days, the average daily export value also rose by 9.0%, continuing the positive trend in the export market.
By major item, semiconductors led the export growth, recording a double-digit increase.
Semiconductor exports rose by 45.5%, maintaining double-digit monthly growth since November last year. Passenger cars increased by 28.9%, steel products by 45.7%, and ships surged by 265%, showing strong upward momentum.
By major export destinations, exports to China increased by 22.9%, the United States by 33.0%, Vietnam by 25.0%, and the European Union (EU) by 24.1%.
This is attributed to the overall recovery of the global economy and increased demand.
On the other hand, imports reached $17.477 billion, a 3.2% increase compared to the same period last year.
Imports of semiconductors (18.8%), gas (16.4%), semiconductor manufacturing equipment (45.0%), and passenger cars (1.0%) increased, while imports of crude oil (-20.7%), wireless communication devices (-40.9%), and coal (-19.1%) decreased.
As a result, the trade balance for the first 10 days of October recorded a deficit of $2.164 billion. However, the Ministry of Trade, Industry and Energy expects an improvement in the trade balance by the end of the month, as key export items continue to grow.
Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry and Energy, stated, "With steady growth in exports of semiconductors, automobiles, steel, and ships, the upward momentum of exports is firmly established. We expect the solid growth of key items to continue in October, leading to an improvement in the trade balance."
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Exports in Early October Surge by 33.2% Due to Strong Semiconductor and Automobile Performance
South Korea's exports in early October saw a significant increase due to strong performance in major industries such as semiconductors and passenger vehicles.A
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