Korea’s Nov. 1-10 exports down 17.8% due to fewer working days

(Yonhap)

South Korea’s exports fell by nearly 18 percent in the first 10 days of November 2024, mainly due to fewer working days compared to the same period last year.

According to data from the Korea Customs Service on Monday, exports totaled $14.9 billion from November 1st to 10th, down 17.8 percent from the same period in 2023.

When adjusted for the seven operational days in 2024 - 1.5 fewer than the previous year - the daily average export value dipped slightly by 0.1 percent to $2.13 billion.

Korea reported 13 consecutive months of monthly growth as of October 2024.

Exports showed mixed performance by category. Semiconductor exports, which make up a larger share of total exports than a year ago, rose by 17.4 percent and now account for 22 percent of total exports. Ship exports surged by 373.9 percent.

However, exports of passenger vehicles dipped 33.6 percent, petroleum products fell 33.2 percent, and wireless communication devices 19 percent.

By destination, exports to Taiwan increased by 29.2 percent and those to Hong Kong rose by 3.9 percent.

Shipments to major trade partners, on the other hand, fell. Outbound shipments to China fell 14.6 percent, the United States dropped 37.5 percent, and Vietnam declined 6 percent.

Imports in the first 10 days of November fell 21 percent on-year to $15.8 billion, resulting in a trade deficit of $856 million. Imports of semiconductor manufacturing equipment rose by 27 percent, while those of crude oil, semiconductors, and natural gas dropped by 35 percent, 1 percent, and 15 percent respectively.

By region, imports from Vietnam grew by 10.1 percent, while imports from China fell by 22.1 percent, the United States by 37.8 percent, the European Union by 35.8 percent, and Japan by 9 percent.