From last month and until the 10th of this month, the export amount was the highest ever as of March. This is thanks to the strong sales of major industries such as semiconductors and automobile petroleum products. In addition, we saw the underlying effect of the novel coronavirus infection (Corona 19) that spread in earnest in March last year.
Korea Customs Service March 1-10, import and export trend. Customs Office
According to the Korea Customs Service on the 11th, exports from the 1st to the 10th of this month were $16.3 billion (about 18.58 trillion won), an increase of 25.2% from the same period last year. Since the number of working days (7.5 days) is the same between last year and the beginning of this month, the average daily export increase is also the same.
Not only the increase, but the absolute export value was also high. In particular, in terms of daily average exports ($2,173 billion), this is the highest record ever as of March. It is the first time in history that the average daily exports exceeded $2 billion in early March.
By item, not only major products such as semiconductors (25.2%) and passenger cars (22.8%), but also petroleum products (28.1%), automobile parts (15.5%), and wireless communication devices (8.0%) led the increase.
Semiconductors, which have recently suffered from a worldwide supply shortage, have surged in sales prices centered on spot prices, leading to an increase in exports. It is evaluated that it has entered the’super cycle (long-term boom)’ as the supply shortage phenomenon continues, starting with automotive semiconductors, as well as other items.
As for automobiles, sales of new cars that were recently launched have shown strong sales, and exports have also increased. Petroleum products, which had been sluggish so far, showed an uptrend as well as other flagship products due to expectations of a recent economic recovery and the impact of rising oil prices.
Shin Yong-min, head of the Ministry of Trade, Industry and Energy, said, “It is not easy to exceed 2 billion dollars a day on average even if the entire export is a month. Not only major industries such as automobiles, but also other industries such as petroleum products, which have suffered from recent sluggishness, also exported well.”
Containers awaiting export are piled up at the yard at Sinseondae Wharf in Dong-gu, Busan. News 1
Exports to major trading partners also increased. China (29.8%), the United States (39.4%), the European Union (62.0%), Japan (17.9%), and the Middle East (6.2%) saw a significant increase from the previous year.
However, due to the recent rise in raw material prices, imports in the beginning of this month also increased by 11.7% ($1.92 billion) compared to last year. Due to the increase in energy prices, crude oil (16.4%), gas (96.9%), and petroleum products (21.2%) saw a significant increase.
In addition, imports of machinery (40.7%), precision equipment (25.9%), and semiconductors (22.8%) also increased. By country, exports from China (29.8%), the United States (39.4%), the European Union (62.0%), Japan (17.9%), and the Middle East (6.2%) increased compared to the previous year.
Sejong = Reporter Kim Namjun [email protected]
