Exports up 46.4 percent in first 10 days of August

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Exports up 46.4 percent in first 10 days of August

Korea's exports rose 46.4 percent on-year in the first 10 days of August on the back of robust demand for chips and petroleum products, customs data showed Wednesday.
The country's outbound shipments stood at $12.7 billion in the Aug. 1-10 period, compared with $8.69 billion a year earlier, according to the data from the Korea Customs Service.
Imports jumped 63.1 percent on-year to $17.4 billion, resulting in a trade deficit of $4.69 billion during the cited period, the data showed.
By sector, outbound shipments of memory chips, a key export item, rose 44.6 percent on-year, and those of telecommunication goods soared 75.7 percent.
Exports of petroleum products increased 33 percent on-year as oil prices rose amid the global economic recovery.
Those of autos declined 39 percent from a year earlier amid global supply shortages of automotive chips.
Semiconductors accounted for about 20 percent of exports by Korea, home to Samsung Electronics, the world's largest memory chipmaker, and its smaller rival SK hynix. Autos made up around 7 percent of total exports.
By country, shipments to China — Korea's largest trading partner — rose 42.7 percent on-year, and those to the United States jumped 55.8 percent.
The Korean economy is on a recovery track on the back of brisk exports. But the latest spike in Covid-19 cases and the fast spread of the Delta variant emerged as major downside risks for the economic recovery.
Exports, which account for half of the economy, rose 29.6 percent on-year in July to a record high, extending their gains to the ninth straight month.
The Bank of Korea forecast the Korean economy to grow 4 percent this year. The government forecast economic growth of 4.2 percent. 
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