S. Korea’s exports soar 64% on year in first 10 days of October

South Korean exports expanded more than 60 percent in the first 10 days of October against a year ago on sustained global demand for its mainstay export items such as chips and automobiles, keeping to the double-digit growth streak in external trade.

According to data released by the Korea Customs Service on Tuesday, the country’s exports totaled $15.2 billion in the first 10 days of October, jumping 63.5 percent from the same period a year earlier. Daily exports surged 33.8 percent to $2.76 billion during the same period, based on 5.5 working days, one day extra from a year ago.

October exports were strong across the board. Semiconductor shipments surged 22.0 percent on year, steel products 162.5 percent, petroleum products 206.6 percent, wireless communication device 13.4 percent and precision machinery 45.7 percent.

By destination, exports to China gained 40.2 percent, the United States 77.1 percent, the European Union 57.0 percent, Japan 88.8 percent, and Taiwan 91.2 percent.

Korean exports have been resilient so far this year on the back of global economic recovery despite a resurgence of coronavirus. The country’s outbound shipments grew 11 straight months since November last year.

Imports in the Oct.1-10 period added 58.6 percent on year to $17.6 billion, resulting in a trade deficit of $2.45 billion.

Crude imports gained 70.5 percent, chips 16.2 percent, petroleum products 437.1 percent, and wireless communication device 108.6 percent.

Imports of machinery were off 4.5 percent.

By country, imports from China rose 31.6 percent, the United States 51.2 percent, the European Union 43.2 percent, Japan 34.1 percent, Australia 183.6 percent and Saudi Arabia 63.9 percent.

By Lee Soo-min

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

BOK leaves rate unchanged at 0.75% amid heightened external uncertainties
Korea’s tax revenue stretches $46 billion in Jan-Aug, growth stagnates from August
Family Site