Exports in early June showed a slight increase. Exports to the United States also grew moderately.
According to the Korea Customs Service on June 11, export value from June 1 to 10 was calculated at $15.5 billion, a 5.4% increase compared to the same period last year. Considering that there was 0.5 fewer working day (Saturday) than the same period last year, the average daily export value increased by 15.0%.
By item, exports of semiconductors (22.0%), passenger cars (8.4%), ships (23.4%), and auto parts (12.1%) increased. Exports of petroleum products (-20.5%), steel products (-3.9%), wireless communication devices (-43.1%), and home appliances (-30.0%) decreased.
By country, exports to China (2.9%), the United States (3.9%), and the European Union (14.5%) increased. Exports to Vietnam (-9.5%), Japan (-5.9%), and Singapore (-11.2%) decreased.
This export performance is seen as the result of demand rushing to “catch the last train” before tariffs are imposed ahead of the end of the U.S. mutual tariff grace period next month. However, the prevailing opinion is that it is premature to attach too much significance to these figures as it is only the beginning of the month.
Meanwhile, imports from June 1 to 10 increased by 11.5% to $17.2 billion. The trade balance, which is exports minus imports, recorded a deficit of $1.7 billion.
