Seoul: South Korea’s exports fell by 2.9 percent in the first 20 days of October, influenced by a decline in vehicle and petroleum product sales and a reduction in working days, despite a robust performance in semiconductor exports, according to data released on Monday.
According to Yonhap News Agency, total exports amounted to $32.77 billion during the October 1-20 period, down from $33.74 billion recorded during the same period last year. The country’s semiconductor exports, however, surged by 36.1 percent to $7.1 billion, reflecting a significant upturn in the industry cycle. Semiconductors also increased their share of total exports to 21.7 percent, up from 15.5 percent a year earlier.
Despite the overall decrease, per-day exports saw a slight increase of 1 percent to $2.62 billion. The number of working days was 12.5, compared to 13 days in the previous year. Meanwhile, imports during the period dropped by 10.1 percent to $33.76 billion, leading to a trade surplus of $1 billion.
The decline in export
s was particularly noticeable in the automotive sector, where vehicle exports dropped by 3.3 percent to $3.19 billion, and automotive parts exports decreased by 2 percent to $1.03 billion. Additionally, steel product sales fell by 5.5 percent to $2.24 billion, and exports of petroleum products plummeted by 40 percent to $2.1 billion. Ship sales also saw a significant decrease, falling by 16.2 percent to $1.36 billion.
On a geographical basis, exports to China slightly increased by 1.2 percent to $7.24 billion, while exports to the United States decreased by 2.6 percent to $5.62 billion. Exports to Vietnam grew by 1.1 percent to $3.19 billion, but those to the European Union dropped by 8.9 percent to $3.16 billion. Notably, exports to Taiwan saw a dramatic increase of 90 percent to $1.92 billion, although exports to Japan decreased by 12.6 percent to $14.5 billion.
The government remains optimistic about the overall export performance, projecting a 9 percent increase for the year, potentially reaching a reco
rd high of over $700 billion.