South Korea’s exports rose in the first ten days of this month thanks to robust shipments of chips and cars, and bouncing back from a low last year in the early days of the pandemic.
This month, exports are up nearly 25 percent on-year. South Korea’s exports soared in the first ten days of April, suggesting the economy is on the path to recovery from the pandemic. According to preliminary data from the Korea Customs Service on Monday, exports from April 1st to the 10th amounted to some 15 billion U.S. dollars, up 24-point-8 percent compared to the same period last year.
Taking into account the fewer working days at the start of this month, daily average exports were up by 32-point-6 percent on-year. One expert says outbound shipments of semiconductors South Korea’s key export item were one of the main reasons behind the growth in exports. Exports of semiconductors rose 24-point-8 percent on-year in the first ten days of April.
Shipments of cars also gained 29-point-8 percent. Wireless communication devices added 52-point-5 percent, and petroleum products were up by 35-point-2 percent. By destination, shipments to China South Korea’s top trading partner soared 27-point-6 percent, and those to the U.S. rose 22-point-6 percent. Shipments to Vietnam grew by the most, up 45-point-6 percent on-year.
Meanwhile, imports climbed 14-point-8 percent over the same period, to reach nearly 16-point-7 billion dollars, leading to a trade deficit of around 1-point-7 billion dollars. The growth in imports was led by a surge in inbound shipments of crude oil, machinery, petrochemical products, and cars.