Korea Customs Service March 1-20, 2022 Import and Export Status
Daily average exports increased by 26.4% and imports increased by 18.9%
Container unloading work is in progress at Sinseondae Pier in Busan Port. yunhap news
From March 1 to 20, both exports and imports increased. The daily average export value also increased, but the trade balance recorded a deficit.
The Korea Customs Service announced on the 21st that the export amount (provisional value for customs clearance) from the 1st to the 20th was $37.256 billion, up 10.1% from the same period last year.
The average daily export value, taking into account the number of working days, increased by 26.4%. During this period, the number of working days was 13.5, two days less than last year.
Looking at the export trends of major items without considering the number of working days, exports of semiconductors (30.8%), petroleum products (79.0%), and wireless communication devices (8.1%) increased compared to the same period last year.
On the other hand, exports of ▷ passenger cars (-18.1%) and ▷ auto parts (-9.1%) decreased.
By partner country, exports to China (11.3%), the United States (6.0%), Vietnam (30.3%), and Japan (2.0%) increased, but the European Union (EU·-3.9%) and Hong Kong (-24.0%) decreased.
Recent monthly exports increased from November 2020 to last month for 16 consecutive months compared to the same month last year. The monthly export growth rate was 18.3% in December last year, 15.2% in January of this year, and 20.6% in February.
Imports from the 1st to the 20th of this month were $39.34 billion, up 18.9% from the same period a year ago.
Imports of crude oil (57.8%), semiconductors (24.0%), gas (114.3%) and petroleum products (52.5%) increased, while machinery (-9.6%) and passenger cars (-31.2%) decreased.
By partner country, imports increased from China (10.7%), the United States (14.1%), Japan (3.3%), Australia (43.7%), and Saudi Arabia (95.6%).
Imports from Russia also increased by 31.8%. An official from the Korea Customs Service explained, “The amount of imports (from Russia) increased mainly in naphtha and coal.”
Russia banned the export of 219 items from the 10th to prevent a supply shortage and price increase in the country, but did not include energy items, which Korea mainly imports.
On the other hand, imports from the EU fell by 12.9%.
During this period, the trade deficit was $2.078 billion. During the same period last year, the trade surplus was $754 million.
The trade balance recorded a deficit for two consecutive months in December and January last year due to the rise in international oil prices, but turned to a surplus last month.