South Korean exports expanded by whopping 45 percent on year in the first 20 days of April, suggesting external trade front has picked up steam even after considering the base effect from a double-digit fall a year ago.
According to data released by the Korea Customs Service, the country’s outbound shipments totaled $30.99 billion, up 45.4 percent from the comparable period a year ago. Daily exports surged 36 percent to $2 billion during the same period, based on 15.5 working days, one day extra from a year ago.
The jump is largely due to the base effect from last year when the country’s exports fell 26.9 percent on year. Still exports are 4.2 percent higher than the same month in 2019 despite two fewer working days.
Exports of petroleum products soared 81.6 percent as global oil prices have picked up. Shipments of automobile parts also jumped 81.6 percent, wireless communications devices 68 percent, automobiles 54.9 percent, semiconductors 38.2 percent and precision devices 35 percent.
By country, exports to Vietnam climbed 63.8 percent, the EU 63 percent, the U.S. 39.4 percent, China 35.8 percent and Japan 21.3 percent. Exports to the Middle East, on the other hand, dipped 3.2 percent.
Imports during April 1-20 also expanded 31.3 percent on year to $33.01 billion, resulting in a trade deficit of $2.03 billion.
Imports of oil products gained 126.2 percent, crude oil 80.2 percent, semiconductors 17.3 percent, precision devices 16.7 percent and machinery 10.4 percent, while those of gas fell 7.5 percent.
By country, inbound shipments from the Middle East added 54.4 percent, Australia 45.5 percent, the U.S. 32.9 percent, Vietnam 31.8 percent, Japan 24.1 percent, the EU 23.7 percent and China 17.3 percent.
By Lee Soo-min
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]