The Korea Herald


Exports soar 34% from July 1-10 on strong chip sales

By Yonhap

Published : July 11, 2024 - 10:06

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Shipping containers are stacked at the Busan Port. (Getty Images) Shipping containers are stacked at the Busan Port. (Getty Images)

South Korea's exports jumped 33.8 percent on-year in the first 10 days of July on strong global demand for semiconductors, data showed Thursday.

Outbound shipments reached $17.75 billion in the July 1-10 period, compared with $13.26 billion tallied a year earlier, according to the data from the Korea Customs Service.

Per-day exports also gained 10.2 percent on-year to $2.09 billion.

Imports grew 26.7 percent on-year to $19.7 billion during the period, resulting in a trade deficit of $2 billion.

Strong sales of semiconductors led the overall export growth.

Chip exports surged 85.7 percent to $3.39 billion during the 10 days of July.

Semiconductor exports accounted for 19.1 percent of the country's total exports during the cited period, up 5.3 percentage points from a year earlier amid an industry cycle upturn.

Auto exports went up 9.8 percent to $1.59 billion, and sales of petroleum products jumped 40.5 percent to $1.43 billion.

Sales of steel products rose 24.2 percent to $1.25 billion, and those of automotive parts moved up 31.1 percent to $686 million.

But exports of vessels fell 37.5 percent to $379 million.

By nation, shipments to China surged 29.1 percent to $3.55 billion, and exports to the United States climbed 26.4 percent to $3.22 billion.

Exports to the European Union advanced 26.2 percent to $1.89 billion, and those to Vietnam spiked 55 percent to $1.75 billion.

Shipments to Hong Kong more than tripled to $791 million, and exports to Japan went up 31.7 percent to $752 million, the data showed.

"Growth momentum for exports is expected to continue on the back of solid demand for semiconductors and other IT products in July despite such seasonal factors as summer vacation," an industry ministry official said.

In June, exports, a key growth engine, rose 5.1 percent on-year to $57 billion, the ninth straight monthly gain, as chip exports surged 50.9 percent to reach an all-time monthly high.

The government expects exports to advance 9 percent this year to hit a record high. (Yonhap)