Import And Export Of Korea In June (2020)

The Ministry of industry and Commerce of Korea announced the "import and export trend in June (2020)". The export volume of South Korea in May this year was about $39 billion 210 million, which was 10.9% lower than that in the same month (2019). The reduction has been reduced by 23.6% over the previous month. The amount of imports was about $35 billion 550 million, a decrease of 11.4% compared with the same period last year and a trade surplus of about $3 billion 670 million.

(1) export

In June this year, the 20 major export projects in South Korea (from June 1st to 30th Customs Statistics), compared with the same month last year, the export growth of computers (91.5%), biotechnology health care (53%), cosmetics (19.2%), agricultural and aquatic products (11.7%), robots (3.8%) and batteries (1.4%), semiconductor (-0.03%), plastic products (-1.1%), precision chemical raw materials (-4.7%), home appliances (-5.1%), general machinery (-6.9%), Wireless communication machines (-11.6%), Petroleum Chemistry (-11.8), displays (-15.9%), steel (-20.4%), spinning fabrics (-22.3%), ships (-27.9%), automobiles (-33.2%), auto parts (-45.0%) and petroleum products (-48.2%) showed a decrease.

On the other main export areas (provisional value of Customs Statistics in from June 1st to 30th), exports to major export areas, except for exports to mainland China, grew by 9.5%, and exports to other regions declined. Exports to CIS decreased by 2.5%, to Vietnam, by 2.3%, to the United States by 8.3%, to ASEAN (ASEAN) by 10.8%, to the European Union (EU) by 17%, to Japan by 17.8%. The Middle East decreased by 22%, to 49% in central and South America and 54.1% in India.

(two) import

Imports of capital and consumer goods increased by 23% and 10.9% respectively in the month of June 2020 compared with the same period last year. The imports of intermediate and raw materials decreased by 8.4% and 48.1% respectively (the provisional value of Customs Statistics in from June 1st to 30th). Among them, the import of major energy and resources projects was reduced by 23.4% compared with the same month last year, 33.4% of coal consumption, 48.4% of petroleum products and 65.3% of crude oil.

According to the Minister of industry and Commerce resources of the Ministry of industry and commerce, Mr Cheng Yun Mo, the export of South Korea's exports in June this year decreased by 20% compared with that in April and May. The export of automobiles, petroleum products and textile products from last year's recession has also improved gradually. Exports to China have resumed growth for the first time in 6 months, and exports to major countries such as the United States, EU and ASEAN have also increased. Gradually, we can see that Korea's exports should be able to grow rapidly.

Minister Cheng stressed that the current global fears that the new crown epidemic will spread again, and that the time for recovery is still unclear. In the future, it is necessary for the government to closely monitor the impact of the new crown on the export of Korea, and to boost the export vitality of enterprises. It is also expected that major countries should restart economic activities in the second half of the year, invest in large scale and provide opportunities for Korean enterprises to improve their exports. The government will also actively provide support for export enterprises in the fields of finance, logistics, manpower and redistribution.