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Exports rise 16.7 pct during first 10 days of August

August 12, 2024

South Korea’s exports rose 16.7 percent on-year in the first 10 days of August, data showed Monday, on the back of the strong performance of semiconductors.

Outbound shipments reached US$15.5 billion in the Aug. 1-10 period, compared with $13.2 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports grew 13.4 percent on-year to $18.4 billion during the period, resulting in a trade deficit of $2.9 billion.

By sector, exports of semiconductors soared 42.1 percent over the period to $3.4 billion, and those of petroleum products rose 5.5 percent to $1.5 billion.

Exports of automobiles also advanced 63.9 percent to $876 million, the data showed.

Outbound shipments of machinery products, on the other hand, fell 10.6 percent over the period to $245 million.

By destination, exports to China, the top trading partner, gained 10.7 percent to $3.19 billion, while those to the United States rose 27.7 percent to $2.45 billion.

In July, exports extended on-year gains to the tenth straight month on the back of the robust performance of semiconductors, maintaining a trade surplus for 14 consecutive months.

This file photo shows a container yard in South Korea's southeastern port city of Busan on Jan. 1, 2024. (Yonhap)
This file photo shows a container yard in South Korea’s southeastern port city of Busan on Jan. 1, 2024. (Yonhap)