Korea's Exports Rise By 9.5% In First Ten Days Of July 2023 Driven By Strong Demand

South Korea experienced a 9.5% increase in exports during the first ten days of July compared to the previous year. The Korea Customs Service reported that outbound shipments amounted to $19.4 billion from July 1st to 10th, up from $17.72 billion in the same period last year. The daily average export volume also rose by 9.5% to $2.28 billion.

Imports increased by 1.8% year-on-year, reaching $19.99 billion during this period, resulting in a trade deficit of $594 million. This growth was primarily driven by heightened demand for semiconductors and automobiles, which significantly contributed to the rise in exports.

Semiconductor exports surged by 12.8%, reaching $3.83 billion, accounting for 19.7% of South Korea's total exports during these ten days, a slight increase from last year's figures. Automobile exports also saw a significant rise of 13.3%, amounting to $1.8 billion.

Vessel and Steel Product Shipments

The shipment of vessels experienced a remarkable increase of 134.9%, totalling $889 million, while steel product exports grew by 4.1% to reach $1.29 billion. However, petrochemical product exports decreased by 1.9%, amounting to $1.39 billion.

Exports by Destination

Exports to China, South Korea's largest trading partner, rose by 6.2% to $3.74 billion during this period. Similarly, shipments to the United States increased by 6.1% despite new tariff measures imposed by Washington, reaching $3.43 billion.

The European Union and Vietnam also saw increases in their imports from South Korea, with rises of 3.6% and 2.2%, respectively.

June Export Performance

In June, South Korea's exports climbed by 4.3% compared to the previous year, reaching a record high for any June at $59.8 billion due to strong global demand for semiconductors.

This consistent growth in exports highlights the robust demand for key products like semiconductors and automobiles in international markets.

With inputs from WAM