Na Seung-sik, head of the Trade and Investment Department of the Ministry of Trade, Industry and Energy, announces the trends of imports and exports for January 2021 at the Government Complex Sejong on the morning of the 1st. Sejong = Newsis
Exports to Korea, which had shrunk in the aftermath of the novel coronavirus infection (Corona 19), are expanding from the beginning of the new year. As of January, the average daily exports last month were counted to the highest level. In particular, the company’s flagship products such as semiconductors and automobiles are on the rise, and exports are expected to be good this year.
According to the Ministry of Trade, Industry and Energy on the 1st, Korea’s January exports amounted to 48 billion and 10 million dollars, up 11.4% from the same period last year. It has increased for three consecutive months following last year’s November (4.1%) and December (12.6%). The average daily export value in January also rose to $2.13 billion, an increase of 6.4% from the previous year, for the fourth consecutive month. This is the first time since January-March 2018, before the outbreak of Corona 19, that the monthly and daily average exports have increased for three consecutive months.
The reason for the strong export performance in January is that the export unit price of Korea’s flagship items increased evenly due to the recent global economic recovery. Exports increased from 12 out of 15 of Korea’s flagship items, with the largest number of items since October 2018 recording an increase in exports. Specifically, automobiles (40.2%), semiconductors (21.7%), displays (32.2%), and home appliances (19.1%) recorded a double-digit export growth rate.
In addition, the export unit price growth rate in January recorded 29.9%, the highest increase in 3 years and 9 months, which had a big impact on the increase in export performance. An official from the Ministry of Industry said, “The rebound period in Korea’s export growth rate from negative to positive (September 2020) coincides with the time when export unit prices began to increase (August 2020).” “The rising export unit price has led the recent export growth. “There is.”
Visual objects_Korean total exports
This year, export unit prices are expected to steadily rise due to large-scale liquidity expansion policies of countries around the world to boost the economy, and rising oil prices and raw material prices, and exports to Korea are expected to expand further. An official from the Korea International Trade Association said, “As international oil prices are expected to remain in the mid-$40 per barrel this year, the export performance of petrochemical and petroleum products will increase significantly.” Will increase as a result.”
From this year, the Paris Climate Change Agreement is applied, and exports of eco-friendly businesses such as electric vehicles are also expected to expand. An official at Hyundai Research Institute said, “Last year, Korean automobile exports decreased by 13.1% compared to the previous year, but eco-friendly cars increased 19.3% over the same period.” “With the strengthened global eco-friendly policy this year, domestic electric and hydrogen car exports will increase significantly.” Looked out.
However, there are many uncertain variables. “Risks such as the re-proliferation of Corona 19, the trade conflict between the US and China, and the continuation of global protectionism still remain,” said Seung-sik Na, head of the Trade and Investment Department of the Ministry of Industry. I emphasized.
Hyunwoo Kim reporter [email protected]
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