Home   >   Business   >   Exports rise 18.5 pct from Aug. 1-20 on strong chip demand

Exports rise 18.5 pct from Aug. 1-20 on strong chip demand

August 21, 2024

South Korea’s exports increased 18.5 percent on-year in the first 20 days of August, data showed Wednesday, on the back of solid outbound shipments of chips.

Outbound shipments reached US$33.1 billion in the Aug. 1-20 period, compared with $27.9 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports grew 10.1 percent on-year to $34.6 billion during the period, resulting in a trade deficit of $1.47 billion.

By sector, exports of semiconductors jumped 42.5 percent to $6.7 billion over the period, with those of petroleum products gaining 11.7 percent to $2.9 billion.

Outbound shipments of steel products rose 5.9 percent to $2.29 billion, with those of automobiles also climbing 7.9 percent to $2.28 billion, the data showed.

Exports of mobile devices, on the other hand, fell 1 percent to $1.12 billion.

By destination, exports to China came to $6.82 billion, up 16.3 percent over the period. Shipments to the United States also grew 18 percent to $5.19 billion.

In July, exports extended on-year gains to the 10th 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)