Exports start to decline in early November... "Impact of the number of working days"

Earlier this month, Korea's exports began to decline compared to last year due to the decrease in working days.

The Korea Customs Service said exports from the 1st to the 10th were $14.9 billion, down 18% from the same period last year.

During this period, the number of working days was 7 days, 1.5 days shorter than the same period last year, and compared to the average of working days, it is 0.1% lower than last year.

By major export items, semiconductors increased 17% and ships increased 374%, but passenger cars fell 34%, petroleum products 33%, and wireless communication devices fell 19%.

By country, exports to Taiwan and Hong Kong increased, but exports to the United States and China fell 38% and 15%, respectively.

Imports fell 21% to $15.8 billion in the same period from a year ago and the trade balance was $900 million in the red.

The Ministry of Trade, Industry and Energy said the decline in exports was a temporary phenomenon caused by a lack of working days, and predicted that export growth would continue for 14 consecutive months this month and the trade balance would also improve.