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The highest figure in 23 months since October 2018
Reached 40 billion dollars in total exports + 2 billion dollars in average daily exports
Korea’s exports were found to rebound after 7 months and reached the highest level this year. This is the first time since the coronavirus that exports have increased.
The Ministry of Commerce, Industry and Energy announced on the 1st that September exports registered 48.05 billion dollars, an increase of 7.7% over the same period last year. The export growth rate of 7.7% in September was the highest in 23 months since October 2018.
Exports to Korea went from a 3.6% increase in February to a 1.7% decline in March, when the krone was seriously extended. Since then, April (-25.6%), May (-23.8%), June (-10.9%), July (-7.1%) and August (-10.1%) continued to decline during 6 consecutive months, followed by 7 months. After that, it turned into a raise.
The average daily value of exports, taking into account the number of business days, was $ 2.99 billion, a decrease of 4.0% from the previous year, but registered the best rate of increase and decrease since the coronavirus. The number of operational days in September this year increased 2.5 days from last September due to the Chuseok holiday.
Last month’s export performance rebounded to pre-crown level by 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.
In detail, 10 of the 15 export items yielded positive results. Semiconductors (11.8%), machinery in general (0.8%) and automobiles (23.2%), which are from the first to the third largest export category, showed growth at the same time in 23 months, boosting the exports in general.
Household appliances (30.2%) and rechargeable batteries (21.1%) registered the highest 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 the first increase since the coronavirus.
By region, exports to the largest market, China, increased by 8.2% and exports to the four main markets, including the US (23.2%), the European Union (EU, 15.4% ) and ASEAN (4.3%) showed growth in 23 months. . In particular, ASEAN rebounded after 7 months after continuing a double-digit drop after the coronavirus.
September’s revenue increased 1.1% to $ 39.17 billion, the first increase since the coronavirus. The trade balance was $ 8,880 million, a surplus for five consecutive months and reached the highest level in two years.
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