The South Korean Customs Service announced on Monday (23rd) that the export value of the first 20 days of May 2022 increased by 24.1% to 38.617 billion US dollars (about 1.1458 trillion New Taiwan dollars). During this period, the number of working days was 15 days, 2 days more than the same period last year, and the average daily export value increased by 7.6% year-on-year. In terms of items, the export of semiconductors increased by 13.5% year-on-year, and the export of petroleum products increased by 145.1% year-on-year.
In addition, the export value of automobiles, auto parts, ships and steel products also increased by 17.5%, 8.3%, 28.3% and 25.6% respectively over the same period last year.
According to the export destination, exports to the Chinese market increased by 6.8%, exports to the US market increased by 27.6%, exports to the EU increased by 25%, exports to Taiwan increased by 71.9%, and exports to Vietnam increased by 26%; On the one hand, exports to Hong Kong decreased by 31.7% year-on-year, and exports to Malaysia decreased by 5.3% year-on-year.
During the same period, the import value increased by 37.8% year-on-year to 43.444 billion US dollars, of which crude oil imports increased by 84%, natural gas increased by 60.4%, coal increased by 321.3%, semiconductors increased by 32.3%, and petroleum products increased by 40.6%; A decrease of 13.5%, and the annual decrease of wireless communication equipment imports by 4.2%.
It is worth noting that the total imports of natural gas, coal and crude oil, the three major traditional energy sources in South Korea in the first 20 days of May, increased by 98.3% year-on-year to US$11.153 billion, of which natural gas was US$2.075 billion, coal was US$1.971 billion, and crude oil was US$7.107 billion. Compared with the same period of the previous month ($10.19 billion), it increased by 9.5%.
According to the country of origin of imports, imports from China increased by 37.3%, imports from the United States increased by 21.5%, imports from the European Union increased by 3.5%, imports from Saudi Arabia increased by 105.9%, and imports from Japan increased by 13.9%; and Imports from Russia fell by 3.2% year-on-year.
During the same period, there was a trade deficit of US$4.827 billion, a significant increase compared to the US$425 million trade deficit in the same period last year. Under the influence of Russia’s invasion of Ukraine, the price of raw materials has soared, and the value of imports has also risen sharply. If there is a trade deficit this month, it will be South Korea’s third straight month of trade deficits since 2008.
South Korea has so far accumulated a trade deficit of $10.964 billion as it enters 2022.