South Korea's Export Volume Sees a Notable Increase

According to the Korea Customs Service, South Korea's export volume from January 1 to 10 experienced a 3.8% year-on-year increase, reaching $16 billion. This growth is largely attributed to a significant surge in semiconductor exports, which saw a 23.8% rise to $3.2 billion. The daily average export volume also increased by 3.8%, with the number of working days remaining steady at 7.5 days compared to the previous year.

Diverse Sector Performance

While semiconductors led the charge, other sectors such as passenger cars, steel products, and ships also enjoyed growth, with their export volumes increasing by 4.7%, 12.9%, and 15.7%, respectively. However, the export landscape was not uniformly positive, as sectors like petroleum products, wireless communication devices, and auto parts faced declines of 47%, 23.3%, and 6.7%, respectively.

Geographical Export Trends

Exports to key markets such as China, the United States, and Vietnam showed positive growth, with increases of 3.4%, 1.4%, and 26.3%, respectively. On the other hand, exports to the European Union and Japan decreased by 2.5% and 4.2%.

Import Volume and Trade Balance

On the import front, the volume during the same period rose by 2.6% to $19 billion, with semiconductors and gas imports increasing by 26.1% and 15%, respectively. However, imports of crude oil and petroleum products saw declines of 4.2% and 6.4%. The total energy import volume, including crude oil, gas, and coal, decreased by 4.5% year-on-year, resulting in a trade deficit of $3 billion.

Jo Ik-no, director of trade policy at the Ministry of Trade, Industry, and Energy, remarked on the situation, stating, "The trade deficit appears to be a temporary phenomenon due to concentrated imports at the beginning of the month." He added, "We expect the trade balance to improve towards the end of the month."