연합뉴스1 hour agoBusiness2 min readSouth Korea

Semiconductor exports reached $26.1 billion early this month... Doubled, highest ever (comprehensive)

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According to the Korea Customs Service, exports from the 1st to the 10th reached an all-time high of $26.1 billion, up 102.0% compared to the same period last year, and the average daily export amount also reached a record high of $4.75 billion, up 28.5%.
Semiconductor exports surged 170.9% to $12.2 billion, accounting for 46.7% of total exports, and the trade balance recorded a surplus of $3.8 billion.

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Why It Matters

As semiconductor exports increased, total exports increased significantly, and the increase in the number of operating days also contributed to the increase in average daily exports.

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Average daily exports are also the highest ever... Semiconductor exports surged 171% to $12.2 billion

(Sejong = Yonhap News) Reporter Ahn Chae-won = Thanks to the high performance of semiconductor exports, exports doubled early this month, reaching an all-time high in the same period.

According to the Korea Customs Service on the 12th, the export amount from the 1st to the 10th of this month (provisional value based on customs clearance) was $26.1 billion, an increase of 102.0% compared to the same period last year. It is the largest ever for the same period.

The number of operating days during this period was 5.5 days, an increase of two days compared to the same period last year (3.5 days).

However, the average daily export amount considering the number of operating days also increased by 28.5% to $4.75 billion, reaching the highest level for the same period.

By item, semiconductor exports jumped 170.9% to $12.2 billion. It is also the largest ever for the same period.

The share of semiconductors in total exports was 46.7%, an increase of 11.9 percentage points (p) from a year ago.

In addition, exports of major items increased, including petroleum products (45.6%), passenger cars (82.7%), steel products (49.4%), and wireless communication devices (62.6%). Ship exports decreased by 13.4%.

By country, exports to major markets increased, including China (167.3%), the United States (159.9%), Vietnam (89.7%), Taiwan (2.6%), and the European Union (EU, 127.3%).

The export share of the top three countries, including China, the United States, and Vietnam, recorded 52.3%.

Imports amounted to $22.3 billion, an increase of 65.5% compared to the same period last year.

By item, imports of crude oil (56.2%), semiconductors (66.7%), and gas (125.5%) increased, while petroleum products decreased by 10.9%.

Energy imports such as crude oil, gas, and coal increased by 64.8%. This appears to be due to the rise in crude oil import prices due to the situation in the Middle East.

By country, imports increased in China (84.4%), the United States (57.6%), the EU (87.7%), Japan (80.1%), and Taiwan (82.5%).

As exports exceeded imports, the trade balance recorded a surplus of $3.8 billion. As of October 1-10, this is the highest ever.

Open Questions

Whether the increase in semiconductor exports will continue in the future
Causes of changes in export proportions by major exporting countries
Long-term impact of rising energy imports on trade balance

Semiconductor exports reached $26.1 billion early this month... Doubled, highest ever (comprehensive)

Quick Look

According to the Korea Customs Service, exports from the 1st to the 10th reached an all-time high of $26.1 billion, up 102.0% compared to the same period last year, and the average daily export amount also reached a record high of $4.75 billion, up 28.5%.
Semiconductor exports surged 170.9% to $12.2 billion, accounting for 46.7% of total exports, and the trade balance recorded a surplus of $3.8 billion.