South Korea’s Exports Increase by 4.6 Percent During the First 20 Days of October

23 Oct 2023

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Figures released Monday demonstrate that South Korea’s exports rose 4.6 percent year-on-year in the first 20 days of October due to strong shipments of cars and petroleum products.

Data from the Korea Customs Service showed that the country’s outbound shipments totaled $33.8 billion during the period from October 1st to October 20th, compared to $32.3 billion the same period the previous year.

Imports increased 0.6 percent year-on-year to $37.6 billion, resulting in a trade deficit of $3.74 billion.

Exports of chips decreased 6.4 percent to $5.21 billion, however, shipments of petroleum products rose 14.5 percent to $3.57 billion and automobiles gained 24.7 percent to $3.3 billion. Shipments of ships also increased 63 percent to $1.61 billion.

Exports to China dropped 6.1 percent to $7.15 billion, but those to the United States increased 12.7 percent to $5.79 billion. Exports to the European Union decreased 1 percent to $3.46 billion, while those to Vietnam rose 0.6 percent to $3.16 billion.

September saw exports decline for the 12th consecutive month due to global economic slowdown and aggressive monetary tightening by major economies, but the country reported a trade surplus for the fourth consecutive month because of lower energy imports.

The government is optimistic that exports will turn around in October as the global demand for South Korea’s semiconductors is showing signs of recovery, and is taking all necessary measures to support exporters. As of last Friday, the total trade deficit for this year had reached $23.4 billion.