Exports Up 7.6% Through 20th of This Month... Exports to US Down 2.7% (Update)

Exports increased by more than 7% year-on-year from the beginning of this month through the 20th. However, exports to the United States declined by 2.7%.

According to the export and import statistics for August 1-20 released by the Korea Customs Service, exports reached $35.5 billion, up 7.6% compared to the same period last year.

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The number of working days was 14.5, the same as last year. Taking this into account, the average daily export value was $2.45 billion.

By major export items, semiconductors (up 29.5%), passenger cars (up 21.7%), and ships (up 28.9%) increased compared to the same period last year, while petroleum products (down 3.9%), wireless communication devices (down 11.6%), and steel (down 4.5%) decreased. By country, exports to China (up 2.7%), the European Union (EU, up 0.1%), Vietnam (up 9.6%), and Taiwan (up 59.1%) increased, while exports to the United States (down 2.7%) and others declined.

Imports from August 1 to 20 totaled $34.7 billion, a 0.4% increase year-on-year. Imports of semiconductors (up 9.4%), gas (up 4.3%), and machinery (up 3.2%) increased, while imports of crude oil (down 8.8%) and petroleum products (down 15.7%) decreased. By country, imports from China (up 3.8%), the EU (up 5.5%), and Taiwan (up 28.2%) increased, while imports from the United States (down 0.2%) and Japan (down 10.2%) decreased.

The trade balance recorded a surplus of $833 million. Including this, the cumulative trade surplus from the beginning of the year through August 20 reached $35.286 billion.

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