[서울신문] The average daily export in January surpassed 2.1 billion yen… Double-digit increase for 2 consecutive months’Recovery Tax’

48 billion won, the second highest export in January
11.4% increase from the previous year, plus for 3 consecutive months
Transition to automobile and steel plus in semiconductor boom

In January this year, the average daily exports surpassed $2.1 billion for the first time ever. The total exports also showed a double-digit increase for the second consecutive month, showing that exports, which collapsed due to the Corona 19 pandemic (a global pandemic), have returned to a clear recovery.

According to the Ministry of Trade, Industry and Energy on the 1st, last month’s total exports amounted to 48 billion USD, an increase of 11.4% from the previous year. It has increased for three consecutive months since last November (4.1%). In particular, it is the first time in 40 months since August-September 2017 that it recorded a double-digit growth rate for two consecutive months following last December (12.6%). It is the second highest in January exports after 2018. The average daily export value, taking into account the number of working days, also increased by 6.4% year-on-year to $2.13 billion, which has been positive for the fourth month since October last year. It is the first time in history that the daily average exports exceeded $2.1 billion.

The improvement in export performance is analyzed by the increase in 12 items out of 15 flagship items in Korea. Six items related to information technology (IT), such as semiconductors, wireless communication devices, displays, home appliances, secondary batteries, and computers, recorded a companion plus for three consecutive months. Semiconductor (21.7%) and home appliances (19.1%) are showing an increase for 7 consecutive months, and wireless communication devices (58.0%) recorded the highest growth rate in 16 years and 8 months.

It is also encouraging that cars, petrochemicals, and steel, which were negative in December of last year, all turned into positives. Automobiles (40.2%) increased for three consecutive months from September last year, fell 4.4% in December last year, and suffered sluggishness, but rebounded to a positive immediately last month. Petrochemicals (8.6%) also recorded a positive after 26 months due to increased demand for non-face-to-face products such as disposable products and hygiene and medical supplies. The steel industry turned to an increase in four months on the back of rising unit prices and economic recovery in major countries.

The export unit price also increased for 6 consecutive months, reaching 3.36 dollars per kilogram, the highest performance since 2014. The increase rate (29.9%) was the highest in 45 months.

Total imports last month were $44 billion, up 3.1% from a year ago. As a result, the trade balance recorded $3.96 billion, maintaining a surplus for nine consecutive months. It was the third largest in the January trade balance after 2015 and 2016.

Reporter Sejong Na Sang-hyun [email protected]