Strong Export Growth from October 1-10: Korea’s Semiconductors Up 45%, Passenger Cars Up 29%, Ships Up 265%
Korea's exports showed significant improvement in early October, continuing a strong upward trend.
According to data from the Korea Customs Service, exports from October 1 to 10 reached $15.31 billion (preliminary customs data), marking a 33.2% increase compared to the same period last year. Considering the number of working days, the average daily export value rose by 9.0%. This year, the number of working days during this period was 5.5, one day more than last year’s 4.5 days.
Semiconductors, passenger cars, steel, and ships were the key drivers of this export growth. Semiconductor exports saw a 45.5% increase, continuing their double-digit growth rate. On a monthly basis, semiconductor exports have shown double-digit growth since November of last year. Passenger car exports rose by 28.9%, steel products by 45.7%, and ship exports surged by 265%.
Major export destinations included China (22.9%), the U.S. (33.0%), Vietnam (25.0%), and the European Union (EU, 24.1%), with most countries showing increased demand for Korean products.
During the same period, imports reached $17.47 billion, a 3.2% increase year-on-year. Key import items were semiconductors (18.8%), gas (16.4%), semiconductor manufacturing equipment (45.0%), and passenger cars (1.0%). However, imports of crude oil (-20.7%), petroleum products (-4.9%), wireless communication devices (-40.9%), and coal (-19.1%) decreased.
Regarding imports by country, the U.S. (6.7%), Japan (26.0%), and the EU (7.7%) showed increases, while imports from China (-2.3%), Australia (-15.0%), and Malaysia (-23.3%) declined. The trade balance recorded a deficit of $2.16 billion, contrasting with a surplus of $201 million during the same period last year. For the past 16 months, Korea has maintained a monthly trade surplus up until September.
Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry, and Energy, commented, "With steady growth across semiconductors, automobiles, ships, and steel, the momentum for strong export growth is clear. We expect this growth to continue throughout the month, with the trade balance improving towards the end of the month thanks to solid performance in key industries such as semiconductors and automobiles."
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