S. Korean exports up by over 10% as of mid-January, progress expected to continue

Semiconductors up by 11.6%, cars by 15.7%

Containers awaiting export at Busan Port. (Yonhap News)

Exports were up by over 10% from 2020 as of mid-January. The remaining number of operating days in the month suggests that prospects for January exports are looking bright.

According to the Korea Customs Service, exports totaled US$2.82 billion over that period, an increase of 10.6% from the US$2.7 billion recorded over the same period last year.

Semiconductors, which have been a focus of growing demand since the COVID-19 pandemic, were up by 11.6% from last year, while automobiles and telecommunications devices showed respective rises of 15.7% and 60.5%. In contrast, petroleum products were down by 45.6%.

By country, exports to China and the US were both up by 18.6%, with additional rises in exports to Vietnam (13.4%) and the European Union (16%). Exports to Japan and the Middle East were down by 10.9% and 15.1%, respectively.

At 14.5, the number of operating days between Jan. 1 and 20 was the same as last year, with daily average exports up by 10.6% in terms of monetary value. This year has one additional operating day left through the end of January compared with last year, suggesting a strong likelihood that overall export performance will continue to increase for a third straight month.

Imports between Jan. 1 and 20 were valued at US$28.6 billion, an increase of 1.5% (US$420 million) from the same period in 2020.

By Lee Kyung-mi, staff reporter

Please direct comments or questions to [english@hani.co.kr]