According to the South Korean Customs Service, South Korean exports fell 3.4% year on year to $31.28 billion between June 1 and June 20. This was due to a decrease in the number of working days. The number of working days in the first 20 days of June was 13.5 days, down 2 days from the same period last year.
However, average daily exports rose 11% during the period.
Exports of petroleum products rose 88.3% as crude oil prices increased. Exports of semiconductors also increased by 1.9% and household appliances by 2.0%, while exports of auto parts and mobile equipment declined in the first 20 days of this month.
A breakdown by country showed that exports to China, South Korea’s largest trading partner, fell by 6.8%, while exports to the US, EU, and Vietnam fell by single digits.
Imports rose 21.1% year-on-year to $38.92 billion in the first 20 days of the month. As a result, South Korea recorded a trade deficit of $7.64 billion during the period.
In 2022, South Korea recorded a trade deficit of $4.74 billion in January, a deficit of $2.51 billion in April, and a deficit of $1.71 billion in May, due to the increased cost of energy imports.
Imports of South Korea’s three main energy sources – crude oil, coal and natural gas – totaled $9.26 billion in the first 20 days of June. A year-on-year increase of 67.5%.