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The Ministry of Commerce, Industry and Energy announced on the 1st that October exports reached $ 4.98 billion, 3.6% less than in the same period last year.
Monthly exports continued to decline for six consecutive months from March to August in the wake of the novel coronavirus (Corona 19) infection, then posted a 7.6% increase in September. However, it was negative after another month.
The fact that exports in October were negative was due to the lack of operating days to two days of the previous year.
The average daily export, taking into account the number of working days, increased by 5.6% and rebounded positively after nine months after January (4.2%).
The average amount of daily exports was $ 2.14 billion, reaching $ 2.1 billion in 13 months. Total exports amounted to $ 4.98 billion, which is the third largest this year.
The Industry Ministry said: “The growth rate of exports is the second best since Corona 19 and is the best of the 13 months with the same or insufficient operating days since last year.” did.
By item, of the 15 export items, seven items including semiconductors, automobiles, and displays registered a positive total export.
On a daily average, eight articles, the largest since August 2018, showed an increase.
In particular, the average daily export amount of semiconductors and automobiles broke records this year.
Total semiconductor exports maintained an increase for the fourth consecutive month and exceeded $ 8 billion for the third consecutive month.
Total auto exports continued to rise for the second month in a row, topping $ 4 billion for the first time since November 2017.
On the other hand, petroleum products (less for 22 consecutive months) and petrochemicals (less for 23 consecutive months) continued slowly due to low oil prices.
By region, the US (3.3%) and the European Union (EU 9.5%) showed growth, but the largest export markets, China (-5.7%) and ASEAN (-5, 8%), decreased. These four markets account for 66% of Korea’s total exports.
The drop in exports to China was due to a total of 8 consecutive holidays, such as Chuseok and National Day, in October.
On a daily average, the four markets: USA (13.1%), EU (19.9%), China (3.2%) and ASEAN (3.2%) turned positive.
Revenue for October was estimated at $ 39 billion, down 5.8% due to the number of business days. After posting a positive last month, this month it has dropped to single digits, returning to the level of increase or decrease from the level before Corona 19.
The trade balance was $ 5.98 billion, showing a surplus for six consecutive months.
Industry Minister Sung Yun-mo said: “We will prepare for risks such as the reproliferation of Corona 19 and the decoupling (decoupling) between the US and China, and consolidate the capacities of all ministries to continue the recent positive flow of exports “. It is planned to hold an expanded business strategy coordination meeting and announce the ‘Export Digital Transformation Measures’ together with the relevant ministries. “
