ANN/THE KOREA HERALD – South Korea’s exports rose by 6.8 per cent year-on-year in the first 20 days of December, driven by increased demand for semiconductors, according to data released yesterday by the Korea Customs Service.
The exports totalled to USD40.3 billion from December 1-20, up from USD37.73 billion during the same period last year. Imports also saw a 7.5 per cent increase to USD38.9 billion, leading to a trade surplus of USD1.35 billion.
Adjusted for the number of working days, daily average exports increased 3.5 per cent on-year to USD2.52 billion, the agency said. This year’s period included 16 working days, compared with 15 and a half working days over the same time frame last year.
Exports of semiconductors surged by 23.4 per cent on-year to USD8.2 billion, reflecting an upswing in the semiconductor industry cycle.
Semiconductor exports accounted for 20.4 per cent of the country’s total exports during the 20-day period, an increase of 2.7 percentage points from the previous year.
Automobile exports rose 8.9 per cent on-year, while exports of petroleum products fell by 14.6 per cent on-year.
“Exports and daily average exports have both increased, driven by strong performances in semiconductors and auto parts,” said Director General Jo Eek-no for international trade policy at the Industry Ministry.
“We expect the positive export growth trend to continue for the 15th consecutive month.”
By nation, shipments to China increased 12.4 per cent on-year to USD8.1 billion, and exports to the United States gained six per cent on-year to USD8 billion.
Outbound shipments to the European Union also surged 28.3 per cent to USD4.3 billion.
