산업통상자원부가 발표한 2023년 연간 수출입 동향에 따르면 2023년 수출은 전년대비 7.4% 감소한 6,326억9,000만달러, 수입은 12.1% 감소한 6,426억7,000만달러, 무역수지는 99억7,000만달러 적자를 기록했다.
▲2023 Export and Import Performance (Preliminary figures based on customs clearance standards, Unit: 100 million dollars, %, Korea Customs Service)
Improvement trend continues despite high interest rates and Chinese economic recession
December 2023 exports to reach $57.7 billion… 5% increase year-on-year
In 2023, our country's exports are expected to reduce the deficit in the second half of the year and recover in 2024, thanks to the favorable trend of automobile exports and the gradual recovery of semiconductor exports, despite difficulties caused by the impact of high interest rates worldwide and the delayed economic recovery in China.
The Ministry of Trade, Industry and Energy announced the annual export and import trends for 2023 and the export and import trends for December 2023 on the 1st.
Accordingly, exports in 2023 are expected to decrease 7.4% year-on-year to $632.69 billion, imports are expected to decrease 12.1% to $642.67 billion, and the trade balance is expected to record a deficit of $9.97 billion.
Despite difficult external conditions such as the global high interest rate trend and China's delayed economic recovery, exports in 2023 continued to improve after the low point in the first quarter, turning positive in October due to the continued brisk automobile exports, the turn to positive in general machinery and ships after the second quarter, and the gradual recovery in semiconductor exports.
The trade balance turned to a surplus in June due to a gradual improvement in exports and a decrease in imports resulting from stabilization of energy prices, recording a total surplus of $16.3 billion in the second half of the year.
This will boost the trade balance in 2023 The deficit was 9.97 billion dollars, a significant reduction from the previous year (-47.8 billion dollars).
In 2023, exports of three items, including automobiles, general machinery, and ships, increased.
Automobile exports recorded $70.9 billion, surpassing the previous record of $54.1 billion in 2022 by more than 30%, driven by brisk sales of high value-added vehicles such as electric vehicles and SUVs.
General machinery exports increased by 4.6% year-on-year, and ship exports increased by 20.9%.
Our largest export item, semiconductor exports, have continued to improve since the low point in the first quarter, and have increased for two consecutive months since turning positive in November.
In 2023, exports increased in four of the nine major export markets (the US, EU, the Middle East, and the CIS). In particular, exports to the US recorded the highest performance ever (USD 115.7 billion), reclaiming the position of second-largest export market, surpassing ASEAN for the first time in 18 years since 2005.
The gap in export proportions between China and the United States, the largest export markets, also narrowed to 1.4 percentage points, the lowest level since 2003. Exports to the EU also recorded the highest performance ever, driven by brisk exports of automobiles and general machinery.
Exports to China decreased (-19.9%), mainly in intermediate goods, due to a decrease in global imports caused by the Chinese economic slowdown, while exports to ASEAN decreased (-12.5%), mainly in IT parts including semiconductors, due to the sluggish global IT industry.
However, the improvement trend continued as Chinese exports exceeded 10 billion dollars for five consecutive months since August, and ASEAN exports increased for three consecutive months after turning positive in October.
Exports to Poland (+14.8%), UAE (+11.9%), and Saudi Arabia (+9.4%), which are the main countries visited by President Yoon Seok-yeol, increased significantly.
Poland has emerged as the EU's second-largest exporter after Germany, recording its best-ever performance in 2023, driven by robust growth in its largest export item, cathode materials, and brisk K-defense exports.
The UAE achieved export performance of over USD 4 billion for the first time in five years since 2018, focusing on exports of automobiles, automobile parts, and general machinery, while Saudi Arabian exports recovered to USD 5 billion for the first time in six years since 2017, thanks to the brisk automobile export trend and increased exports of general machinery and steel linked to orders for large-scale construction projects.
Minister of Trade, Industry and Energy Bang Moon-kyu said, “Despite difficult conditions, 2023 was a year in which we overcame the export crisis earlier than our East Asian competitors by simultaneously achieving export plus and trade surplus in October. We also demonstrated growth in terms of a significant reduction in the trade deficit and higher export volume in the second half of the year than in the first half.” He added, “We will provide full support so that our exports can continue to rise in the new year of 2024, solidifying the upward trend in exports and making it a key driving force for our economic growth.”r />
▲Export and import performance in December 2023 (preliminary figures based on customs clearance standards, unit: 100 million dollars, %, Korea Customs Service)
Meanwhile, exports in December 2023 increased 5.1% year-on-year to $57.66 billion, imports decreased 10.8% to $53.18 billion, and the trade balance recorded a surplus of $4.48 billion.
December exports increased for the third consecutive month despite two fewer operating days than the previous year, achieving the highest export performance in 17 months since July 2022 (USD 60.2 billion).
In particular, the average daily export growth rate (14.5%) considering the number of operating days recorded double digits, renewing the highest figure in 18 months since June 2022 (14.9%). Export volume also increased by 4.7%, recording a positive figure for the fourth consecutive month.
In December, exports of eight out of the 15 major export items increased. Our largest export item, semiconductors (21.8%), exceeded $10 billion, the highest this year, achieving a plus for two consecutive months.
Automobile exports, which are recording the highest performance ever (17.9%), continued the positive trend for 18 consecutive months, while general machinery (2.2%) increased for 9 months, home appliances (2.9%) increased for 7 months, displays (10.9%) and ships (47.2%) increased for 5 months, and petrochemicals (3.9%) and biohealth (4.2%) increased for 2 consecutive months.
In December, exports increased in four of the nine major export markets. Exports to the U.S. have continued to increase for five consecutive months, recording over $11 billion for the first time ever. Korea's largest export destination has shifted from China to the U.S. on a monthly basis for the first time in 20 years and 6 months since June 2003. In particular, exports of electric vehicles to the U.S. have renewed their all-time high for December as a result of active responses to trade issues such as the Inflation Reduction Act (IRA).
Exports to China (-2.9%), one of our largest export destinations, recorded $10.9 billion, continuing the recovery by achieving performance of over $10 billion for five consecutive months following August.
Exports to ASEAN continued to increase for the third consecutive month, reaching $9.5 billion, while exports to India and Japan achieved export plus for the fourth and third consecutive months, respectively.
December imports decreased by 10.8% due to a decrease in energy imports (-17.6%), including crude oil (-4.7%), gas (-30.2%), and coal (-30.3%).
The December trade balance recorded a surplus of USD 4.48 billion, the largest in three years since December 2020 (USD 6.69 billion), thanks to the recent improvement in exports, continuing the surplus trend for seven consecutive months since June of this year.