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Exports up 69 percent in first 10 days of Feb.

Feb 12,2020
Exports jumped 69.4 percent in the first 10 days of February, mainly due to rising shipments of cars and semiconductors, customs data showed Tuesday.

The country’s exports stood at $10.7 billion in the Feb. 1-10 period, compared with $4.38 billion in the same period last year, according to the Korea Customs Service.

By product, exports of cars and semiconductors soared 114.5 percent and 37.8 percent, respectively.

However, the average daily exports - which reflect working days - fell 3.2 percent on year in the first 10 days of February, the data showed.

By destination, Korea’s exports to China and the United States rose 36 percent and 68.1 percent, respectively.

Korea imported goods worth $12 billion in the 10-day period, up 23 percent from a year earlier.

Exports fell at a slower than expected pace in January but extended the slump to a 14th consecutive month due to weaker demand for chips.

Outbound shipments came to $43.35 billion, down 6.1 percent from $46.17 billion a year earlier, according to the government data.

Korea’s exports fell 10.3 percent in 2019, hit by a slump in the global chip market, coupled with the trade feud between the United States and China. It marked the first time in 10 years for the annual exports to drop by a two-digit rate.

For the year, the country’s outbound shipments are forecast to rebound 3 percent on eased trade tensions between the United States and China, the country’s top two largest trading partners, and a recovery in chip prices.

Yonhap


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