South Korea's exports for Oct 1-20 double to $61.6 billion, led by chips
In short
South Korea's exports from 1 to 20 October came to $61.6 billion, up 105.4% from a year earlier, according to provisional customs data released on 21 October. Semiconductor exports rose 222.5% to $27.5 billion, 44.7% of the total, and the trade surplus for the period was $14.5 billion.
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South Korea's exports from 1 to 20 October were $61.6 billion on a customs-clearance basis, up 105.4% from the same period last year, according to provisional data the customs service released on 21 October. Outlets reported it as the highest for 1-20 October. Korea Economic Daily put the year-on-year increase at $31.61 billion. [ 2 , 4 , 7 , 9 , 11 ]
The period had 13 working days, 2.5 more than a year earlier, according to Maeil Business. Adjusted for working days, the daily average export value was $4.74 billion, up 65.9% from $2.86 billion a year earlier. Maeil Business reported that this exceeded the previous high for the first 20 days of any month, $4.6 billion set last month. Chosun Ilbo said the daily average was the highest since the government began compiling the figures. [ 2 , 4 , 8 , 13 ]
Semiconductors led the increase. Chip exports were $27.5 billion, up 222.5% and the highest for 1-20 October. They made up 44.7% of total exports, up 16.2 percentage points from a year earlier. Computer peripherals rose 424.0%, petroleum products 68.3% and passenger cars 40.9%. Newsis and Dong-A Ilbo also reported a 42.6% rise in steel products. [ 2 , 4 , 7 , 9 , 10 , 11 ]
Exports rose to all major destinations. Shipments to the United States rose 154.9% to $10.78 billion and those to China rose 154.4% to $16.69 billion, according to Newsis and Dong-A Ilbo. Exports to Vietnam rose 74.6% to $5.01 billion, to the European Union 78.2% and to Taiwan 36.7%. China, the United States and Vietnam together took 52.7% of exports. [ 2 , 7 , 9 , 10 , 11 ]
Imports for the period were $47.1 billion, up 42.8%, or $14.13 billion. Semiconductor imports rose 78.4%, crude oil 42.9%, gas 112.4% and machinery 43.7%. Maeil Business reported that energy imports, covering crude oil, gas and coal, rose 53.5%. By origin, imports rose 71.1% from China, 12.9% from the United States, 34.6% from the EU, 84.2% from Taiwan and 45.6% from Japan. With exports growing faster than imports, the trade balance was a surplus of $14.5 billion. Korea Economic Daily noted that the monthly trade balance had been in surplus for 20 straight months through September. [ 2 , 4 , 5 , 9 , 10 ]
Cumulative exports for the year through 20 October were $876.3 billion. Maeil Business reported that annual cumulative exports are projected to pass $1 trillion next month if the current pace continues. Hankook Ilbo said the figures were a green light for reaching $1 trillion in annual exports. [ 2 , 11 ]
Why it matters
Outlets describe the figure as the highest for the 1-20 October period, and Maeil Business reported a daily average above the previous high for the first 20 days of any month. Maeil Business reported that annual cumulative exports are projected to pass $1 trillion next month if the pace continues, and Hankook Ilbo called the figures a green light for that target.
Key facts
- Exports from 1 to 20 October were $61.6 billion on a customs-clearance basis (provisional), up 105.4% from the same period last year. [ 2 , 4 , 7 , 9 , 10 , 11 ]
- The daily average export value, adjusted for working days, was $4.74 billion, up 65.9%. [ 2 , 4 , 7 , 11 ]
- Semiconductor exports were $27.5 billion, up 222.5%, and made up 44.7% of all exports, 16.2 percentage points more than a year earlier. [ 2 , 4 , 7 , 9 , 11 ]
- Exports to China rose 154.4% and exports to the United States rose 154.9%. [ 2 , 4 , 7 , 9 , 11 ]
- Imports were $47.1 billion, up 42.8%. [ 2 , 4 , 7 , 9 , 11 ]
- The trade balance for 1-20 October was a surplus of about $14.5 billion. [ 2 , 4 , 5 , 7 , 9 , 11 ]
- Cumulative exports for the year through 20 October were $876.3 billion. [ 2 , 11 ]
Confirmed by several sources
- Exports from 1 to 20 October were $61.6 billion, up 105.4% from a year earlier and the highest for that period, according to data the customs service released on 21 October. [ 2 , 4 , 7 , 9 , 10 , 11 ]
- Semiconductor exports rose 222.5% to $27.5 billion, 44.7% of total exports. [ 2 , 4 , 7 , 9 , 10 , 11 ]
- Exports also rose for computer peripherals (424.0%), petroleum products (68.3%) and passenger cars (40.9%). [ 2 , 4 , 7 , 9 , 10 , 11 ]
- Imports rose 42.8% to $47.1 billion, and the trade balance was a surplus of about $14.5 billion. [ 2 , 4 , 5 , 7 , 9 , 11 ]
- Exports to China, the United States, Vietnam, the EU and Taiwan all increased. [ 2 , 4 , 7 , 9 , 11 ]
Still unclear
- Whether annual cumulative exports will pass $1 trillion next month. Maeil Business said this is projected if the current pace continues; Hankook Ilbo said it was a green light for the target. It is a projection, not a result.
- How much of the 105.4% rise reflects extra working days. Maeil Business reported 13 working days in the period, 2.5 more than a year earlier. The 65.9% daily-average gain adjusts for this.
- The figures are provisional. Maeil Business and Chosun Ilbo describe the customs data as provisional, so they may be revised.
What local media are saying
Timeline, local time
- Yonhap published a first flash report on the 1-20 October export figures. [ 1 ]
- Maeil Business reported the figures, citing the customs service. [ 2 ]
- Yonhap published a fuller report saying exports had doubled from a year earlier. [ 6 ]
- Dong-A Ilbo published an updated report with the exact semiconductor export value of $27.516 billion. [ 12 ]