Korean Economy News
S. Korea’s Feb. 1-20 exports up 17% on brisk chip, auto demand

[Photo by Yonhap]

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[Photo by Yonhap]

Recovery in Korean exports picked up steam, with shipments in the first 20 days of February gaining 17 percent on heated demand on semiconductors, automobiles and wireless equipments.

The country’s outbound shipments totaled $30.4 billion in the Feb. 1-20 period, rising 16.7 percent from $26 billion a year earlier, according to data released on Monday by the Korea Customs Service. Daily exports averaged $2.17 billion, soaring 29.2 percent based on 14 working days, 1.5 days shorter than a year ago.

The recovery in exports that suffered falls in double digits from March to August has picked up to beyond a single digit from late last year, gaining 12.6 percent in December and 11.4 percent in January.

The growth in exports in the first 20 days of February was mainly attributed to strong demand for the country’s mainstay export goods such as semiconductors, automobiles and wireless communications devices.

Korea’s chip exports jumped 27.5 percent on year in the Feb. 1-20 period, automobiles 45.9 percent, and wireless communications devices 33.6 percent. Shipments of petroleum products fell 5.7 percent and personal computer accessories 4.8 percent, data showed.

By country, exports to China surged 32.7 percent, the U.S. 14 percent, the European Union 53.6 percent, Vietnam 10.9 percent and Japan 6.5 percent. Exports to the Middle East, meanwhile, dipped 31.3 percent, Singapore 21 percent.

Imports in the first 20 days of February also climbed 24.1 percent on year to $31.6 billion, delivering a trade deficit of $1.2 billion.

Semiconductor imports gained 10.3 percent, gas 59.6 percent, machinery 18.6 percent, and precise devices 14.5 percent. Crude oil imports declined 17.8 percent and petrochemical products 13.3 percent.

Inbound shipments from China spiked 95.6 percent, the U.S. 6.9 percent, Japan 17.2 percent, the European Union 6.5 percent, and Vietnam 30.3 percent. Imports from the Middle East declined 8 percent.

By Lee Soo-min

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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