Mid-October Exports Down 2.9%... Semiconductors Lead with Double-Digit Growth

 

 

Exports decreased slightly by mid-October due to a reduction in the number of working days, but semiconductor exports continued a positive trend with double-digit growth.

According to data released by the Korea Customs Service on the 21st, exports from October 1 to 20 amounted to approximately $32.766 billion, a 2.9% decrease compared to the same period last year.

This is attributed to the fact that there were 0.5 fewer working days compared to last year.

However, on a daily average basis, exports increased by 1.0%.

By major item, exports of passenger cars (-3.3%), steel products (-5.5%), petroleum products (-40.0%), and ships (-16.2%) decreased. In particular, wireless communication devices dropped by 21.7%.

On the other hand, semiconductor exports grew by 36.1%, showing strong growth.

This is in line with the steady double-digit growth in semiconductor exports since November of last year. Exports of computer peripherals also increased by 15.6%.

By country, exports to the U.S. (-2.6%), European Union (EU, -8.9%), and Japan (-12.6%) decreased, while exports to China (1.2%), Vietnam (1.1%), and Taiwan (90.0%) increased.

During the same period, imports amounted to $33.775 billion, a 10.1% decrease. Imports of crude oil (-25.5%), petroleum products (-13.2%), and machinery (-9.1%) decreased, while imports of semiconductors (0.8%), gas (9.7%), and semiconductor manufacturing equipment (31.3%) increased.

The trade balance recorded a deficit of $1.08 billion, shifting from a surplus during the same period last month. However, as the monthly trade balance has recorded a surplus for 14 consecutive months up until last month, there are expectations that the trade balance will improve towards the end of this month.

Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry, and Energy, said, “Although exports temporarily decreased due to a lack of working days, major export items such as semiconductors and automobiles are continuing their robust growth. We expect export growth and trade balance improvement to continue for 13 consecutive months this month as well.”

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Mid-October Exports Down 2.9%... Semiconductors Lead with Double-Digit Growth