Exports Showing an Upward Trend

 Automobiles, General Machinery, and Secondary Batteries on the Rise
 

According to recent data released by the Ministry of Trade, Industry and Energy, exports in February were $50.1 billion (about KRW66.3825 trillion), down 7.5% from the same month last year (US$54.15584 million). It is the fifth straight month since September last year that exports have decreased.
Semiconductor exports fell by 44.5% in January compared to the same month of the previous year, and in February, they also decreased by 42.5% to US$5.96 billion. Semiconductor exports have been on a downward trend for the seventh consecutive month on a monthly basis.

Automobiles recorded the highest export performance ever thanks to the easing of automotive semiconductor supply shortages, and the launch of new high-value-added vehicles such as eco-friendly vehicles and sports utility vehicles (SUVs).
Automobile exports increased 47.1% from last year to $5.6 billion, breaking the record four times since achieving monthly exports of $5 billion for the first time in July of last year. Monthly exports of automobiles have risen to a level approaching that of semiconductors.
Exports of general machinery (+13.0%) shifted to an upward trend in six months, and exports of secondary batteries also increased by 25.1%, marking a record high in February.
By country, exports to China decreased by 24.2% to US$9.881 billion, recording a decline for the ninth month in a row. Exports to the Association of Southeast Asian Nations (ASEAN), which ranks third in terms of export volume, also decreased by 16.1%. On the other hand, imports of the three major energy sources, including crude oil, gas and coal, increased by 19.7% from the same month last year to US$55.4 billion (approximately KRW 73.4 trillion).
In 2022, Korea recorded exports of US$683.9 billion, up from US$644.4 billion achieved in 2021, enabling the nation to become the world’s sixth-largest exporter.
Korea has posted a relatively high 12.2% increase in its exports compared to other nations that primarily export
manufactured goods, such as Japan, Germany, and Italy, making Korea the world’s sixth-largest exporter, a notch higher from seventh place in 2021.

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