According to customs data, exports from November 1 to 10 saw an increase in semiconductors, ships, and computer peripherals, while exports to the U.S. and China declined. On November 11, the Korea Customs Service reported that exports in early November decreased by about 18% compared to the previous year. Considering the actual working days, the average daily export amount also fell by 0.1%, marking negative growth for the first time in 14 months.
The customs data for November 1-10 shows exports at $14.909 billion, a 17.8% decrease from the same period last year. The decrease in exports is largely impacted by fewer working days, with this year’s early November having only 7 working days compared to last year’s 8.5 days. However, the average daily export amount, adjusted for working days, was $2.13 billion, decreasing by 0.1%, marking the first negative in this metric since September last year.
Among major export items, semiconductors saw $3.282 billion in export value, a 17.4% increase from the same period last year. Of the top ten export items, only semiconductors, ships (373.9%), and computer peripherals (8.6%) increased in exports, while other key products like passenger cars (-33.6%) and petroleum products (-33.2%) showed negative results. Notably, exports to the U.S. (-37.5%) and China (-14.6%) decreased significantly. Taiwan (29.2%) and Hong Kong (3.9%) were the only major countries with increased exports during this period.
Imports during this period amounted to $15.765 billion, a 21.0% decrease from a year ago. While imports of semiconductor manufacturing equipment increased significantly by 27.0%, imports of crude oil (-35.0%), semiconductors (-1.0%), and gas (-15.0%) saw declines.
The government views this downturn as a temporary phenomenon. Jo Ik-no, director of trade policy at the Ministry of Trade, Industry, and Energy, attributed the decrease to fewer working days, suggesting that exports will show positive growth by the end of the month, supported by steady growth in IT products like semiconductors and computers, as well as key products like automobiles and ships.