According to Pulse by Maeil Business News Korea,

South Korea’s exports stayed unwaveringly strong, surging 41 percent on year in the first 20 days of August on still-hot demand for mainstay items like semiconductors, steel, and automobiles, but imports jumped by a bigger pace due to ravaging climb in international fuel prices.

According to data released by Korea Customs Service on Monday, Korea’s exports stood at $32.2 billion in the August 1-20 period, up 40.9 percent from the same period a year ago. Average daily shipments gained 31.5 percent to $21.5 million based on 15 working days compared with 14 days a year ago.

Korea’s exports, which have been on the rise since November last year, are widely expected to increase for a 10th straight month in August. Despite Covid-19 setbacks, Korean exports have been strong. In July, the monthly figure recorded a historic high of $55.4 billion. Korea also topped $50 billion in exports for a fifth month from March. Exports have been kept on-year gains of around 40 percent since April.

Mainstay items all kept up double-digit growths.

Outbound shipments of semiconductors gained 39.8 percent in the first 20 days of August from a year-ago period, steel 57.2 percent, petrochemicals 55.3 percent, automobiles 37 percent, wireless telecommunications devices 47 percent, automobile components 31.8 percent, and vessels 69.5 percent.

Exports of home appliances, meanwhile, fell 0.1 percent during the cited period.

Shipments to China increased 37.3 percent, the United States 50.1 percent, Vietnam 12.9 percent, European Union 42.7 percent, Japan 49 percent, and Taiwan 60.7 percent.

Imports in the first 20 days of August gained 52.1 percent to $35.8 billion, leading to a trade deficit of $3.5 billion, data showed. Trade deficit widened from $600 million in the same period last year.

Imports of crude oil climbed 90.3 percent, semiconductors 17.3 percent, petrochemical products 200.4 percent, gas 198.2 percent, machinery 11.7 percent, semiconductor manufacturing equipment 48.9 percent, coal 78.5 percent, and automobiles 21.5 percent.

Inbound shipments from China increased 40.7 percent, the U.S. 60.3 percent, EU 40.4 percent, Japan 27.1 percent, Australia 150.7 percent, and Saudi Arabia 138.5 percent.



By Lee Eun-joo

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (August 23, 2021)