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September exports, up 7.7% year-on-year to $ 48 billion
Both total and average daily exports are the highest this year
Semiconductor machinery and automobiles, the flagship product, grow in 23 months
In September, exports recovered after seven months, overcoming the aftermath of the new coronavirus infection (Corona 19). Photo = News 1
Exports to Korea recovered 7 months after overcoming the aftermath of the new coronavirus infection (Corona 19). The export growth rate reached the highest level in 23 months.
The Ministry of Commerce, Industry and Energy announced on the 1st that September exports reached 48.05 billion dollars, an increase of 7.7% over the same period last year. This is the first time since the new coronavirus infection (Corona 19) that exports have increased. The export growth rate (7.7%) is the highest in 23 months since October 2018.
National exports increased from 3.6% in February to 1.7% in March due to the aftermath of Corona 19. Since then, April (-25.6%), May (-23.8%), June (-10.9% ), July (-7.1%) and August (-10.1%) continued to fall for 6 consecutive months, after 7 months. Become a growing trend.
The Industry Ministry noted that “compared to periods that were slow for a long time, such as the information technology (IT) bubble and the financial crisis, it turned positive in a relatively short period of time.”
The average daily value of exports, taking into account the number of working days, was $ 2.89 billion, 4.0% less than the previous year. This is the best rate of increase or decrease since Corona 19. The number of operating days in September this year increased 2.5 days from last September due to the Chuseok holiday.
Last month’s export performance recovered to pre-Corona 19 level, achieving ‘total exports of $ 40 billion + average daily exports of $ 2 billion’ at the same time. Both total exports and average daily exports posted highs this year.
By detailed item, 10 of the 15 export items were positive. Semiconductors (11.8%), machinery in general (0.8%) and automobiles (23.2%), which are the first to third largest item in Korea’s exports, showed growth in unison after 23 months.
Household appliances (30.2%) and secondary batteries (21.1%) achieved the best performance this year along with semiconductors, while biohealth (79.3%) and computers (66.8%) registered positive for more than one consecutive year. Automobiles and auto parts (9.4%), machinery in general, textiles (11.4%) and steel (1.8%) registered an increase for the first time since Corona 19.
By region, exports to China, the largest market, increased by 8.2%, showing growth in all four markets, including the US (23.2%), the European Union (EU15.4% ) and ASEAN (4.3%) in 23 months. In particular, ASEAN rebounded after 7 months after continuing a double-digit drop after Corona 19, which attracted attention.
September revenues increased 1.1% to $ 39.17 billion, the first increase since Corona 19. The trade balance was $ 8.88 billion, a surplus for five consecutive months and reached the highest level in two years.
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