According to Yonhap News,

South Korea's exports went up 8.3 percent from a year earlier in the first 20 days of this month on solid demand for semiconductors, data showed Monday.

Outbound shipments reached US$38.67 billion in the June 1-20 period, compared with $35.69 billion tallied over the same period last year, according to the data from the Korea Customs Service.

The daily average volume of exports increased 12.2 percent on-year over the cited period. The number of working days during this period stood at 14, compared with 14.5 days last year.

Imports increased 5.3 percent on-year to $36.1 billion during the period, resulting in a trade surplus of $2.6 billion.

By item, exports of semiconductors surged 21.8 percent from a year earlier to $8.85 billion. Chip exports accounted for 22.9 percent of the country's total exports over the cited period, up 2.5 percentage points from the same period last year.

Automobile exports gained 9.2 percent on-year to $3.65 billion, while shipments of vessels jumped 47.9 percent to $1.58 billion.

By destination, exports to the United States and the European Union rose 4.3 percent and 23.5 percent on-year, respectively. However, exports to China, South Korea's top trading partner, slipped 1 percent during the same period.

"Semiconductor exports surged significantly due to rising unit prices, and passenger car shipments also increased, particularly to Europe," a customs agency official said. "The increase in chip exports appears to be continuing as U.S. tariffs have not yet been fully implemented."

In May, exports dropped 1.3 percent from a year earlier to $57.3 billion, snapping a three-month winning streak, as outbound shipments to the United States sharply went down largely due to U.S. President Donald Trump's tariff measures.


khj@yna.co.kr

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Source: Yonhap News (June 23, 2024)