Fifth Consecutive Increase
The Korea Customs Service announced on March 21 that South Korea’s total exports for the first 20 days of this month added up to US$27.32 billion, up 14.8% from a year ago. The total exports from the country increased for four months in a row from November last year to February this year and are likely to show a year-on-year increase for the fifth consecutive month if the current pace continues.
During the 20-day period, the daily average export increased 14.8% to US$1.88 billion and the total imports increased 29.4% to US$26.56 billion to result in a trade surplus of US$760 million.
Petroleum product and semiconductor exports increased 62.2% and 42.5%, respectively. On the contrary, auto parts and wireless communication equipment exports showed a decline of 7.6% and 29.4%.
Exports to Vietnam rose by no less than 43.5%, followed by those to China (up 16.4%) and Japan (up 7.8%). The exports to China are likely to show an increase for the fifth consecutive month in spite of the country’s retaliatory measures triggered by the South Korean government’s decision to accept THAAD deployment. Those to the United States and the EU fell 6.0% and 11.1%, respectively.