Exports topped 36.2 billion dollars as of April 1-20
Energy imports increased, resulting in imports of $41.4 billion
The trade balance deteriorated with a deficit of regarding $5.2 billion in April alone
Although exports are increasing, the trade balance is worsening due to rising energy prices.
▲ Exports have been increasing this year, but the trade balance is worsening due to rising energy prices. As high oil prices and maritime logistics costs rise, the burden on import and export companies is increasing. Containers ready for export are piled up at the Busan Port Sinseondae Container Terminal. Seoul Newspaper DB
According to the Korea Customs Service on the 21st, the amount of exports (provisional value for customs clearance) from April 1 to 20 was $36.285 billion, up 16.9% from the same period of the previous year. The average daily export value, taking into account the number of working days (15.5 days), was $2.34 billion, an increase of 16.9% compared to last year.
Exports have continued to increase since November 2020. By item, exports of semiconductors (22.9%) and petroleum products (82.0%) increased, while passenger cars (1.0%) and wireless communication devices (10.3%) decreased from a year ago.
Despite the strong exports, imports are increasing rapidly. As of the 1st to 20th of this month, imports recorded $41.484 billion, up 25.5% from the same period of the previous year. Imports of crude oil (82.6.0%), semiconductors (28.2%), gas (88.7.6%), and petroleum products (46.4%) increased. Energy imports (US$10.194 billion), such as crude oil ($6.875 billion), gas ($1.91 billion) and coal ($1.49 billion), accounted for 24.6% of the total imports.
By partner country, imports from the EU (13.8%), Saudi Arabia (104.2%), Australia (27.6%) and Russia (21.4%) increased. Energy importing countries saw a large increase in imports. Russia banned the export of 219 items, but did not include energy items that Korea mainly imports.
During this period, the trade balance recorded a deficit of 5.199 billion dollars. The deficit widened compared to the same period last year ($2.032 billion). This year’s cumulative deficit soared to $9.157 billion as of April 20. During the same period last year, the trade surplus was $7.769 billion. The trade balance turned into a surplus in February of this year following recording a deficit in December last year, the first time in 20 months due to an increase in international energy prices, but has continued to run in the red from March.
Reporter Sejong Park Seung-gi
