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Latest Trade Performance: Exports and Imports in South Korea, Japan, Germany, Turkey, and Chile
04 Nov 2024
Latest Trade Performance: Exports and Imports in South Korea, Japan, Germany, Turkey, and Chile
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South Korea's Trade Surplus Reaches $3.2 Billion in October
South Korea reported a trade surplus of $3.2 billion in October, though its export momentum slowed, signaling potential cooling in demand for key products, including semiconductors. Customs data released Friday showed that exports, adjusted for working days, dipped 0.2% year-over-year, with overall exports rising by 4.6% at a slower rate than the previous month. Imports rose by 1.7%. The weaker export figures highlight risks to South Korea's growth outlook, given the nation's high dependence on trade. With domestic consumption fluctuating, the South Korean economy has been primarily driven by external demand this year. Following last month's shift toward looser monetary policy, this data could further motivate the Bank of Korea to hasten interest rate cuts.
Japan's Trade Deficit Reaches 294.3 Billion Yen In September
In September 2024, Japan's exports were 9,037,934 million yen, down 1.7% year - on - year; imports were 9,332,032 million yen, up 2.1% year - on - year. For September 2024, in terms of exports, automobiles, mineral fuels, etc. decreased, with a year - on - year decrease of 1.7%. Additionally, for imports, computers (including peripheral equipment), electronic parts such as semiconductors, etc. increased, with an increase of 2.1%.
China-Mekong Countries Trade Reaches Record High in First Three Quarters of 2024
In the first three quarters of 2024, trade between China and the five Mekong countries (Myanmar, Cambodia, Laos, Thailand, and Vietnam) reached a record high of ¥2.28 trillion, reflecting a 12.7% year-over-year increase. Exports from China to these countries amounted to ¥1.43 trillion (+16.4%), while imports reached ¥844.36 billion (+6.9%). Trade with the Mekong countries accounted for 44.7% of China's total trade with ASEAN, with primary traded goods including electrical machinery and agricultural products.
Thailand's Exports Continue to Grow in First Nine Months of 2024
Thailand's Ministry of Commerce reported that Thai exports reached $25.983 billion in September 2024, a year-over-year increase of 1.1%. For the first nine months of 2024, total exports amounted to $223.176 billion, marking a 3.9% growth year-over-year. Industrial exports rose 3.8%, largely driven by strong demand for computers and components, air conditioners and parts, automobiles and parts, gems and jewelry, plastic pellets, iron and steel materials, and engine components. Among Thailand's key export markets, exports to primary destinations grew by 2.6%, with notable increases to the U.S. (+18.1%), the EU (+4.1%), and the CLMV group (Cambodia, Laos, Myanmar, and Vietnam) (+8.3%). Secondary markets saw a 1.3% rise, including gains in Australia (+12%), the Middle East (+3.5%), Africa (+1.6%), Latin America (+15%), and the UK (+29.3%). South Asia and Russia, however, showed declines of 1.6% and 9.8%, respectively.
Indonesia's Trade Surplus Narrows to $2.47 Billion in October
Indonesia's official data shows that trade growth exceeded expectations in October, driven by robust agricultural exports. Export values rose by 10.25% year-on-year, reaching $24.41 billion—the fastest growth rate since January 2023 and significantly surpassing Reuters' forecast of 3.84%. However, the trade surplus narrowed to $2.47 billion, marking a three-month low and falling short of the expected $3.05 billion.
Germany's Import Prices Drop in September for First Time in Four Months
According to Destatis data, Germany's import prices fell by 1.3% month-over-month in September, marking the first decrease in four months, largely due to a sharp 16.1% drop in energy import costs. Excluding energy, import prices grew by 0.6% year-over-year. Costs for intermediate goods and capital goods fell by 0.4% and 0.3%, respectively, while consumer goods and agricultural product import prices rose by 2.4% and 7.3%. Meanwhile, export price inflation declined from 0.8% to 0.4%, with monthly export prices dropping slightly by 0.1%.
Turkey's Trade Deficit Slightly Increases in September
Data released Thursday by the Turkish Statistical Institute revealed that Turkey's trade deficit widened from $5.1 billion to $5.13 billion in September year-over-year. Exports fell by 1.9%, while imports dropped by 1.4%, with exports declining more sharply than imports. Germany remained Turkey's largest export market in September, followed by the UK, the U.S., Iraq, and Italy. Excluding energy products and non-monetary gold, the trade deficit stood at $380 million. Seasonally and calendar-adjusted data showed that exports fell by 1.2% while imports rose by 1.0% for the month.
Chile's Exports Hit Record High for First Nine Months of the Year
According to *La Tercera*, Chile's total goods exports reached a record $74.15 billion in the first nine months of the year. This includes $42.72 billion in mineral exports, up 10.7% year-over-year; $6.04 billion in fresh fruit exports, up 13.8%; and $1.19 billion in wine exports, up 6%. Service exports also rose to $2.1 billion, marking a 22% increase year-over-year.
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