From the 1st to the 20th of this month, exports amounted to $40.3 billion, a 6.8% increase compared to the same period last year. The trade balance for this period recorded a surplus of $1.3 billion. From January 1st to December 20th this year, the trade balance recorded a surplus of $46.629 billion. During the same period last year, the trade balance recorded a deficit of $13.288 billion. This represents an improvement in the trade balance by approximately $60 billion.
According to the export and import status from Dec. 1 to 20, 2024, released by the Korea Customs Service on the 23rd, exports during this period amounted to $40.31 billion. This represents a 6.8% increase compared to the $37.73 billion in exports during the same period last year.
South Korean exports showed a decrease for 12 consecutive months from Oct. 2022 to September last year on a year-over-year basis. However, they successfully reversed to positive in October last year and have been recording an increase for 14 consecutive months until last month.
Looking at exports by item this month, semiconductor exports amounted to $8.211 billion, marking a 23.4% increase compared to the same period last year. Steel product exports also increased by 11.7% to $2.793 billion. Exports of computer peripherals surged by 79.7%.
On the other hand, passenger cars recorded exports of $3.731 billion, a decrease of 0.2%. Exports of petroleum products and ships also decreased by 14.6% and 24.5%, respectively.
By region, exports to China recorded $8.061 billion, a 12.4% increase. Exports to the United States amounted to $8.012 billion, a 6% increase from the same period last year. Exports to the European Union increased by 28.3% to $4.32 billion, and Vietnam recorded $3.52 billion, an increase of 7.6%. Japan ($2.026 billion, 9% increase) and Taiwan ($1.998 billion, 68.4% increase) also showed strong export performance.
Imports amounted to $38.953 billion, a 6.8% increase from the same period last year. Semiconductor imports increased by 27.8%, and imports of semiconductor manufacturing equipment increased by 67.9% compared to the same period last year.
On the other hand, energy sources such as crude oil, gas, and coal decreased by 13.6%, 13.1%, and 4.2%, respectively.
By country, imports from China increased by 15% to $8.848 billion. The European Union also saw an increase to $4.706 billion, up by 12.4%, and Japan's imports rose by 21.8% to $3.169 billion. The United States recorded $4.211 billion in imports, a decrease of 3.2%.
Jo Ik-no, director of trade policy at the Ministry of Trade, Industry and Energy, said, "Exports and average daily exports both increased compared to the same period last year owing to strong performance in semiconductors, steel, and automobile parts until the 20th." Jo noted that "IT items are expected to continue the 15-month consecutive export growth and the 19-month consecutive trade surplus throughout December."