Import And Export Situation Of Korea In August (2019)

The Ministry of industry and Commerce of Korea announced the "import and export trend in August (2019)". The export volume of South Korea in August this year was about 44 billion 200 million US dollars, which was 13.6% lower than that in the same month (2018), and the import amount was about 42 billion 477 million US dollars, a decrease of 4.2% compared with the same month last year, with a trade deficit of about 1 billion 723 million US dollars.

(1) general situation of exports

In August this year, the 13 major export projects in South Korea (from August 1st to 31st Customs Statistics), compared with the same month last year, only 168.6% and 4.6% of exports of ships and automobiles increased, while exports of auto parts decreased by 5.2%, exports of general machinery decreased by 6.2%, household appliances decreased by 7.1%, textile products decreased by 13.1%, oil products reduced by 14.1%, radio communication machines reduced by 18.3%, petrochemicals reduced 19.2%, steel reduced 19.7%, monitors decreased, and semiconductors decreased and computers reduced.

On the other major export areas (the provisional value of Customs Statistics in from August 1st to 31st), exports to the ASEAN countries (ASEAN) increased by 1.9%, exports to other regions decreased, exports to Japan decreased by 6.2%, the United States decreased by 6.7%, India decreased by 9%, the European Union (EU) decreased by 11.5%, the central and South America decreased by 18.3%, the Middle East decreased by 20.1%, and the mainland reduced by 21.3%.

The other 5 export commodities with export potential were increased, the export of aquatic and aquatic products increased by 5.7% and the export of cosmetics increased by 1.1%, while the exports of daily necessities decreased by 2.7%, pharmaceuticals decreased by 8.1% and fashion garments decreased by 16.2% (the provisional value of Customs Statistics in from August 1st to 31st).

(two) general situation of imports

Imports of consumer goods increased by 2.7% in the month of August 2019 compared with the same month last year. Imports of intermediate goods, capital goods and raw materials were reduced by 3%, 8.1% and 8.8% respectively in the same month last year (the provisional value of Customs Statistics in from August 1st to 31st). Among them, the import of major energy resources projects, only gas imports increased by 7.3% compared with the same month last year. Imports of coal decreased by 2.2% compared with the same month last year, while petroleum products decreased by 10.4% and crude oil decreased by 11.6%.

According to the Minister of industry and Commerce resources, Cheng Yun Mo, South Korea, according to the Minister of industry and Commerce resources of Hongkong, the current export of Korea has been delayed by the environmental uncertainty due to the worsening Sino US trade conflict, Japan's export control measures against the Republic of Korea and the demonstrations in Hongkong. However, the export volume of exports dominated by such projects as semiconductors, petrochemicals and automobiles is still increasing steadily. The export prospects are still optimistic. The government will hold a plan to fully support exports in the second half of this year when the trade strategy adjustment conference between the Ministry of civil affairs and the government is held in September 6th this year. The government will make full use of the 116 billion 800 million won budget, which has been decided to implement ahead of schedule. In the second half, it will provide 119 trillion won to concentrate on supporting trade finance.

Minister Cheng further pointed out that the South Korean government will also take advantage of this Japanese export control measures to South Korea, and speed up efforts to enhance the competitiveness of materials, components and equipment, and so on. It will not investigate the feasibility in advance, immediately invest in high research and development (R&D) funds, provide trade finance to support the merger and acquisition of Korean enterprises and global materials, components and equipment enterprises (M&A), ensure the core technology of materials, components and equipment industry, promote the diversification of import sources, and strive to cultivate materials, spare parts and equipment industry into new generation export growth power.