▲ Since April, when the Corona 19 impact began in earnest, export decline steadily improved, and in July it entered the single-digit number.
[기계신문] According to the Ministry of Industry, Trade and Energy, exports of $428.3-billion in July, $385.6bn in imports, and a trade balance surplus of $42.7 bn were recorded, with exports declining in the post-Corona 19 first-place.
Exports have recovered to $40 billion in four months, and average daily exports exceeded $1.7 billion for the first time since Corona 19. With the decline of major items still in place, in July, six of the top 15 items recorded a plus, the most since Corona 19. The car recorded a negative, but the reduction rate improved significantly.
The United States saw its first positive transition since Corona19, China to increase for the second month in a row, and the EU declined by 10%. However, in ASEAN and elsewhere, the influence of Corona 19 continued. With global trade and exports sluggish due to the Corona 19 effect, our exports have recovered for three consecutive months.
Exports in July fell 7.0% year-on-year to $428.3-billion and imports fell 11.9% year-on-year to $385.6bn. Crude oil (△41.5%) and soft coal (△35.8%). LNG (38.4%) Although the decline in energy imports led to a decline in overall imports in July, capital goods imports for equipment investments such as semiconductor and display manufacturing equipment continued to increase. The trade balance recorded a surplus of $42.7-billion for the third consecutive month.
▲ July import and export performance (clearance per cent) (unit: million usd, %) ▲(left) export increase rate trend (%) and (woo) export growth trend (billion USD)
Six out of 15 items were positive for each item. Non-face-to-face economy, according to the homeconomy activation wireless communication devices (only 4 months), appliances (only 5 months) exports have been converted to positive, computers (10 consecutive months) and BioHealth (11 consecutive months) continues the double-digit growth rate for this year and is showing a steep growth.
Semiconductors switched to positive in two months and showed that they maintained a solid fundamental after Corona 19. The ship increased by double digits (18.0%) and recorded four positives this year.
Among the nine items recorded negative cars (△4.2%) and secondary battery (△3.6%) was reduced by single digits and relatively touted, petroleum products sustained sluggishness due to low oil prices (△43.2%).
▲ July exports/increase by major item (unit: billion usd, %)
By region, exports to china, the United States, and the EU are recovering, while the rest of the region continues to have corona 19 influence. In particular, U.S. exports were positive for the first time since the Corona 19 impact, while exports to The Middle East, the largest export area, showed a positive for the second month in a row last month.
Exports to the EU slowed for the second consecutive month as the decline dropped to 20% to the early 10%, and exports to regions such as ASEAN, Japan, Central and South America, and CIS declined by double digits last month.
▲ July exports/increase rate by region (unit: billion dollar, %)
In July, the export decline rate improved for the third month in a row, entering the single-digit zone for the first time since April, when Corona 19 had a full-fledged impact on exports. In the past, the export crisis showed that the initial decline rate of the crisis was recovering relatively quickly, compared to ▶ the ▶deterioration (IT bubble, low oil price) or repeated (financial crisis) of the fall.
▲ The rate of early reduction in the past export crisis
Exports reached $40 billion in four months, restoring average exports ($43.4 billion) in the first quarter before Corona 19.
July was the highest day of the year (the more working days, the average daily exports decreased to the highest since Corona 19, the average export was improved to single-digit decline (△5.4%) in the three months after May-June, which was a significant decrease of more than 10%.
▲ July exports, daily average exports, daily average quantity, trade balance
Six of the 15 major items recorded a plus, the most since Corona 19. Four items increased since Corona 19, but in July six items were plus, up from the previous level of Corona 19.
▲ Number of plus items in the past year
The majority of negative items are also gradually recovering from the Corona 19 impact. In particular, cars that have declined to 54% in May and have been sluggish recently Exports to the EU entered the single-digit decline rate (△4.2%) and, on a daily average export basis, seven of the nine negative items improved compared to the lowest point (May) and increased by six compared to the previous month.
▲ Increase and decrease in exports of major items
Exports to the three major markets, the United States, China, and the EU, have recovered. It is the first time in 21 months since October 2018 that exports to China and the United States, which account for about 40% of our exports, have become positive at the same time.
Exports to the three major markets, including the United States, China, and the EU, have recovered.
Due to the stable economic recovery in China, such as Corona 19 calm, production, consumption, investment, and trade, exports of The United States increased for the second consecutive month, and the demand for semiconductors in North American data centers increased in four months, and the demand for semiconductors in North American data centers increased for the first time since the corona 19 impact. The EU has recovered from a decline of up to 20% due to improved exports of automobiles and improved exports of biohealth and computers.
With global trade and exports from major countries sluggish due to the Corona 19 effect, our exports have recovered for three consecutive months. According to the latest WTO May import and export statistics, exports from nine of the top 10 exporting countries, excluding Hong Kong, declined, while the United States, Germany and France fell by more than 30 percent.
With the exception of China and Hong Kong, korea’s export growth rate in May was relatively good, and the corona 19 effect continued to improve since April, showing a recovery for the third consecutive month. As of May, korea’s export ranking was the seventh highth, the same as last year, and trade volume surged one step higher.
▲ Export increase rate (unit: %) in the 10 major countries
“It’s still early days, but july performance can be a positive sign of recovery in many respects,” said Sung Yun-mo, minister of industry and trade, “In particular, six of the 15 major items have increased since Corona 19, and the main item, semiconductors, has been steadily touted, and the number of cars that once declined by more than 50% has eased to single digits in July.”
“While we can hopefully see significant improvements in exports to China, the United States, and the EU, which account for half of our exports here, we cannot be relieved when we see the trend of re-proliferation in Corona 19 and the shrinking of the global economic growth and trade markets,” he said.
The Ministry of Industry, Trade and Energy is responsible for proactively responding to new economic environments such as the spread of non-face-to-face economies and the revitalization of homeconomy. We will focus on nurturing and supporting new industries such as content based on our strengths such as K-disaster and digital healthcare.
To this end, in early August, the ministry jointly established a “plan to revitalize the overseas expansion of K-services”, creating new export engines and accelerating efforts to innovate the quality of our export structure.
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firstname.lastname@example.org By Oh Sang-mi