South Korea Exports YoYJuly 2023 Data - 1967-2022 Historical - August Forecast

Exports from South Korea shrank 16.5% yoy to a three-month low of USD 50.33 billion in July 2023, after a 6% fall in the previous month, worse than market expectations of a 14.5% decline, a preliminary print showed. It was the tenth straight month of decrease in exports and the steepest decline since May 2020, amid weakening semiconductors demand and a fall in chip prices. Sales declined for semiconductors (-33.6%), petroleum (-42.3%), petrochemicals (-24.5%), and steel (-10.2%). By contrast, exports of cars and machinery grew by 15% and 3.2%, respectively. Shipments fell to China, South Korea's top trading partner (-25.1%), the US (-8.1%), the ASEAN countries (-22.8%), Central and South American nations (-6.7%), and Middle Eastern nations (-3%). The government set this year's export target at $685 billion, up 0.2% from last year's total, while the finance ministry earlier expected exports would mark a 4.5% fall in 2023.

Exports from South Korea fell 6% yoy to USD 54.24 billion in June 2023, following a 15.2% plunge in the previous month, worse than market expectations of a 3% drop, a preliminary print showed. It was the ninth straight month of decline in exports but the smallest decrease since October 2022, amid weak sales of semiconductors, the country's key export items (-28%). Sales also declined for petroleum (-40.9%), and petrochemicals (-22%). Conversely, exports surged for cars (58.3%), ships (98.6%), and secondary batteries (16.3%). Meanwhile, exports of machinery rose 8.1%, and those of auto parts and steel gained by 5.7% and 3.1%, respectively. Shipments shrank to China, South Korea's biggest trade partner (-19%), though the shipments surpassed the USD 10 billion level for the second consecutive month. Exports also decreased to the US (-1.8%), and the ASEAN countries (-16.6%). By contrast, exports grew to the EU (18.2%) and middle eastern nations (14%).

Exports from South Korea shrank 15.2% yoy to USD 52.24 billion in May 2023, following an upwardly revised 14.3% fall in the previous month, but better than market expectations of a 16.8% decline, a preliminary print showed. It was the first time shipments dropped for eight consecutive months since 2020, and the steepest pace in four months amid a global economic slowdown. Fewer working days and a high base effect last year were also the triggers. Sales of semiconductors, the country's key export items, plunged by 36.2% from a year earlier due to weakening demand and a fall in chip prices. Sales also decreased for petroleum (-33.2%), petrochemicals (-26.3%), steel products (-8.8%), display items (-7.4%), textile (-14.8%), and computers (-57.5%). By contrast, exports grew for cars (49.4%), and machinery (1.6%). Shipments shrank to China, South Korea's biggest trade partner (-20.8%), the US (-1.5%), the ASEAN (-21.2%), the EU (-2.0%), and middle eastern nations (-2.6%).