The Ministry of Trade, Industry and Energy announced on the 1st that the export amount (according to customs clearance) in October was $4.98 billion, down 3.6% from October of the previous year. During the same period, imports fell 5.8% to $39 billion. As a result, the trade balance obtained by subtracting imports from exports was estimated at $5.98 billion.
Monthly exports decreased by 1.7% in March due to the aftermath of Corona 19, followed by April (-25.5%) → May (-23.8%) → June (-10.8%) → July (-7.1%) → August (-9.9%) and so on for six consecutive months. However, thanks to an increase in semiconductor and automobile exports last month, exports turned to an increase of 7.7%.
However, these figures can be interpreted as the effect of the shortage of two working days compared to the previous year. The average daily export value, taking into account the number of working days, was 2.14 billion dollars, an increase of 5.6% from the previous year. This is the highest growth rate in the last two years.
By item, among the 15 major exports, 7 items including semiconductors, automobiles, displays, home appliances, bio health, computers, and secondary batteries were ‘plus'.
Semiconductors surpassed $8 billion per month for the third consecutive month after an increase for the fourth consecutive month. It is analyzed as the effect of the increase in semiconductor demand from server companies such as Microsoft and Amazon due to the increase in telecommuting due to the spread of Corona 19.
Automobiles recorded an increase of $4 billion for the first time since November 2017 for the second consecutive month. The average daily exports of these two stocks hit the highest this year.
In addition, the annual export of BioHealth surpassed 10 billion dollars for the first time in history due to the favorable diagnostic kits, and the display recorded a positive record for the first time in 26 months.
On the other hand, petroleum products and petrochemicals, which have been sluggish due to low oil prices, recorded ‘minus' for 22 months and 23 consecutive months, respectively.
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