South Korea's Export Dilemma: Mixed Regional Performance in October

South Korea experienced an 8% drop in exports during the first 20 days of October due to the Chuseok holiday. While average daily exports increased, shipments to major regions like the USA, Vietnam, and China decreased. Semiconductors and petroleum products rose, but passenger cars and communication devices declined.

South Korea's export performance took a hit in the first 20 days of October, declining by 8% from the same period last year. The Chuseok holiday, which reduced the number of working days, was a significant factor, as reported by Maeil Business Newspaper's Pulse service.

Data from the Korea Customs Service revealed that the nation exported goods worth USD 30.15 billion during this period, a 7.8% decrease from the previous year. Despite the overall drop, average daily exports increased by 9.7% to USD 2.87 billion, based on 10.5 working days.

Regionally, the United States saw a 24.7% slump in imports from South Korea, reflecting the impact of tariffs. Exports to Vietnam and China decreased by 10% and 9.2%, respectively. However, Taiwan's imports surged by 58.1%, with Hong Kong and Singapore also showing gains. In terms of products, semiconductor exports grew by 20.2%, with petroleum products and ships also showing positive trends. Yet, exports in passenger cars and wireless communication devices saw declines. Meanwhile, import totals reached USD 33 billion, down 2.3% on-year, leading to a USD 2.8 billion trade deficit. Notably, imports of crude oil, semiconductors, and passenger cars rose, while gas and machinery imports fell.

(With inputs from agencies.)