In early June, exports showed an upward trend compared to the same period last year. Compared to last month, when exports decreased by 1.3% year-on-year, the situation appears to have improved. Exports of automobiles, which are significantly affected by the protectionism and tariffs of the Trump administration, also increased compared to the same period last year.
The Korea Customs Service stated that exports from the 1st to the 10th of this month reached $15.5 billion, reflecting a 5.4% increase compared to the same period last year. Although the number of working days decreased from last year during the same period (from 6 days to 5.5 days), exports increased. The average daily export amount during this period was $2.81 billion, which is a 15% increase compared to the same period last year ($2.45 billion).
During the same period, imports rose to $17.2 billion, marking an increase of 11.5%, resulting in a trade deficit of $1.7 billion.
By item, semiconductor exports surged by 22% compared to the same period last year, driving overall export growth. The share of semiconductor exports also rose to 23.5%, a 3.2 percentage points increase from the same period last year.
Despite concerns that exports of automobiles would decline due to the tariff increase, they actually rose by 8.4% compared to the same period last year. Ship exports also increased by 23.4%. In contrast, exports of petroleum products (-20.5%) and wireless communication devices (-43.1%) saw significant declines compared to the same period last year. Exports of steel products, which faced a tariff increase to 50% for the U.S. market, also decreased by 3.9% year-on-year.
Exports to major countries also showed an overall upward trend. Exports to China increased by 2.9% compared to the same period last year, while exports to the United States rose by 3.9%, and the European Union (EU) saw a 14.5% increase. These top three countries accounted for 48.6% of total exports.
In contrast, exports to Vietnam, where intermediate goods account for a high proportion due to many corporations entering the market, declined by 9.5% compared to the same period last year. Exports to Japan also decreased by 5.9% during the same period.