Import And Export Situation Of Korea In September (2019)

The Ministry of industry and Commerce of Korea announced the "import and export trend in September (2019)". The export volume of South Korea in September this year was about $44 billion 710 million, a decrease of 11.7% compared with the same month (2018), and the import amount of about $38 billion 740 million, a decrease of 5.6% compared with the same month last year, with a trade surplus of about 5 billion 973 million dollars.

(1) export

In September this year, the 13 major export projects in South Korea (from September 1st to 30th Customs Statistics), compared with the same month last year, the export of ships increased by 30.9%, exports of automobiles increased by 4%, automobile parts increased by 2.1%, wireless communications machines increased by 1.1% and household appliances increased by 0.4%; while exports of general machinery and equipment decreased by 1.5%, textile exports decreased by 5.7%, steel decreased by 9.1%, monitors decreased by 17.1%, petrochemicals reduced 17.6%, computers reduced, oil products decreased, and semiconductors reduced.

On the other main export areas (provisional values of Customs Statistics in from September 1st to 30th), exports to central and South America, the European Union (EU) and Vietnam increased by 10.8%, 10.6% and 6.5% respectively, while exports to other regions decreased, exports to the ASEAN countries (ASEAN) decreased by 0.5%, exports to the United States decreased by 2.2%, Japan decreased by 5.9%, the Middle East decreased by 9.2%, India decreased by 10.5%, and China reduced by 21.8%.

The other 5 export commodities with export potential were only 4.5% of the exports of fashionable clothing, other items increased, exports of pharmaceuticals increased by 44.8%, cosmetics exports increased by 15.1%, agricultural and aquatic products increased by 10.5% and daily necessities increased by 1.4% (the provisional value of Customs Statistics in from September 1st to 30th).

(two) import

In September 2019, imports of consumer goods increased by 10.1% compared with the same month last year. Imports of intermediate goods, capital goods and raw materials were reduced by 4.1%, 8% and 15.9% respectively in the same month last year (the provisional value of Customs Statistics in from September 1st to 30th). Among them, the import situation of major energy resources projects was 19.2% lower than that of the same month last year, 26.9% for petroleum products, 27.5% for gas and 33.4% for coal.

According to the Minister of industry and Commerce resources of the Ministry of industry and commerce, Cheng Yun Mo, South Korea still faces problems such as the long term conflict of the US land trade, the delay in the price of the semiconductor and the increase of the uncertainty of the global trade environment, such as the fluctuation of the oil price. However, the impact of Japan's export control measures on the export of Korea is still limited. The export price of the unit in September declined, but the total export volume continued to grow. The reduction in export volume in September was better than that in the previous month, and the average daily export volume and the trade surplus were the highest value recorded so far this year.

Minister Cheng further pointed out that the Korean government will enhance export vitality in the future, strengthen the basic competitiveness of South Korea's exports and improve the export physique, and will actively promote the export structure innovation plan of 4 major fields, such as enterprises, markets, projects and infrastructure. It plans to invest 789 billion 200 million yuan in the fourth quarter, strengthen overseas marketing and trade finance, assist 1350 export enterprises to export, plan and promote the export competitiveness of various fields such as digital trade and service industries.