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Korea's exports surge 9.8% through mid-September

Published: 21 Sep. 2023, 16:34 Updated: 21 Sep. 2023, 17:10

JIN MIN-JI
[email protected]

Export containers are piled up near a dock in Busan [JOONGANG PHOTO]

Exports through mid-September accelerated from a year earlier for the first time in three months on an increased number of operating days.

Chip exports and exports to China remained weak.

Exports from Sept. 1 through Sept. 20 reached $35.96 billion, up 9.8 percent from the same period a year earlier, according to preliminary data by the Korea Customs Service on Thursday.

It was the first time that exports in the first 20 days of a month accelerated since June, when the figure jumped 5.2 percent on year.

But average daily exports decelerated 7.9 percent because of the number of operating days.

In the first 20 days of September, there were 15.5 operating days compared to 13.0 days in the same period last year.

Chip exports fell 14.1 percent over the same period, continuing the downward streak after falling for 13 consecutive months through last month.

Exports of petroleum products and peripheral devices plunged 11.4 percent and 30.3 percent, respectively.

Exports of automobiles and ships soared by 49.1 percent and 73.9 percent, respectively.

By country, exports to China fell 9 percent, falling for 15 consecutive months through August.

Exports to the United States was up 30.5 percent, and to the European Union was also up by 32.7 percent.

Imports in the first 20 days of September inched down 1.5 percent to $36.45 billion, largely contributed by a 58.7 percent fall in gas and a 29.4 percent drop in coal.

The total trade deficit through Sept. 20 this year stands at $24.27 billion.

BY JIN MIN-JI [[email protected]]