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Exports gain 11.1 pct from April 1-20 on robust chip sales

April 22, 2024

South Korea’s exports rose 11.1 percent on-year in the first 20 days of April on surging global demand for semiconductors, data showed Monday.

Outbound shipments reached US$35.82 billion in the April 1-20 period, compared with $32.52 billion tallied a year earlier, according to the data from the Korea Customs Service.

Per-day exports also advanced 11.1 percent on-year to $2.31 billion.

Imports grew 6.1 percent on-year to $38.5 billion during the first 20 days of April, resulting in a trade deficit of $2.6 billion.

Exports, a key economic growth engine, have been on a solid recovery track since late last year after a yearlong downturn.

In March, exports advanced 3.1 percent on-year to $52.2 billion, the sixth consecutive monthly gain, on the back of strong demand for semiconductors.

This file photo taken April 1, 2024, shows a port in South Korea's southeastern city of Busan. (Yonhap)
This file photo taken April 1, 2024, shows a port in South Korea’s southeastern city of Busan. (Yonhap)