Despite Middle East Conflict, Semiconductor Exports Drive 49.4% Surge Through April 20

Korea Customs Service Releases April 1-20 Trade Data
Semiconductor Exports Surge 182.5% to All-Time High for April
Crude Oil Imports Rise 13.1% Amid Middle East Conflict

Driven by robust semiconductor exports, export figures for April 1-20 once again set a new all-time record. If this growth trend continues until the end of the month, the export surplus streak that began in June of last year will reach 11 consecutive months. However, crude oil import value, which is directly affected by the Middle East situation, increased for the third straight month.

According to the "Export and Import Status for April 1-20" released by the Korea Customs Service on April 21, export value reached 50.4 billion dollars, up 49.4% from the same period last year. Following a record-breaking performance for April during the period from the 1st to the 10th of this month, the April 1-20 period also set a new historical high. The previous record for the month of April was 36.4 billion dollars in 2022.

Containers are piled up at Pyeongtaek Port in Gyeonggi Province. Photo by Kang Jin-hyung

The number of business days was 15.5, the same as last year. Taking this into account, average daily exports amounted to 3.25 billion dollars, also up by 49.4%.

Semiconductors led the export growth. Compared to the same period a year ago, semiconductor exports surged by 182.5%, also reaching an all-time high for April. As a result, the proportion of semiconductor exports expanded to 36.3%, up by 17.1 percentage points. Exports of petroleum products (up 48.4%), steel products (up 8.6%), computer peripherals (up 399.0%), and ships (up 76.6%) also increased. In contrast, exports of passenger cars (down 14.1%), auto parts (down 8.8%), and home appliances (down 16.4%) decreased.

Exports to all of the top 10 major countries increased. Shipments to China (up 70.9%), the United States (up 51.7%), Vietnam (up 79.2%), the European Union (up 10.5%), and Taiwan (up 77.1%) all rose.

Imports during April 1-20 totaled 39.9 billion dollars, an increase of 17.7%. Compared to the same period last year, imports of semiconductors (up 58.3%), semiconductor manufacturing equipment (up 63.3%), and precision instruments (up 13.0%) all increased. Notably, crude oil import value increased for three consecutive months, reaching 4.3 billion dollars in January, 4.4 billion dollars in February, 4.6 billion dollars in March, and 4.8 billion dollars in April (based on the 1-20 period each month). This is attributed to higher international oil prices due to the Middle East conflict and fluctuations in exchange rates. However, as imports of gas and coal decreased, the overall energy import value rose by only 6.8%. Meanwhile, imports of machinery (down 0.6%) and petroleum products (down 12.5%) declined.

By country, imports from China (up 29.3%), the United States (up 31.5%), the European Union (up 25.5%), and Taiwan (up 47.6%) all increased, while imports from Japan (down 1.6%) and Saudi Arabia (down 29.1%) decreased.

The trade balance for the first 20 days of April recorded a surplus of 10.442 billion dollars. As a result, the cumulative trade surplus for this year has reached 60.869 billion dollars.

This content was produced with the assistance of AI translation services.