Exports Surge in Early June Due to More Working Days

Korea's exports rallied on-year in early June after plunging due to the coronavirus epidemic. But the latest increase was mainly due to two more working days this month than a year ago.

Exports in the first 10 days of this month increased 20.2 percent on-year to US$12.3 billion, according to the Korea Customs Service on Thursday. There were eight working days during the period, two more than last year, because Memorial Day fell on a Saturday and there was only one weekend.

The average daily export amount in fact stood at $1.54 billion, down 9.8 percent on-year. But that still means the rate of decline slowed compared to a 30.2 percent on-year plunge in the first 10 days of May.

Exports of semiconductors grew 22.6 percent on higher prices, while mobile communications devices rose 35.8 percent and medical products jumped a whopping 136.7 percent on global demand for coronavirus test kits and personal protective equipment.

But exports of petroleum products fell 32.8 percent, of cars 37 percent and of automotive parts 30.2 percent.

By country, exports to China rose 35.7 percent, to the EU 22.2 percent, to the U.S. 15.1 percent, to Japan 10 percent and to Vietnam 7.7 percent. But exports to the Middle East fell 7.3 percent and to Australia 29.5 percent.

Meanwhile, imports in the first 10 days of this month increased 8.5 percent on-year to $13.6 billion.