Exports up 1.2 percent during first 10 days of June

Containers for exports and imports are stacked at a pier in Busan on May 22. [YONHAP]

Korea's exports moved up 1.2 percent on year in the first 10 days of June due to a greater number of working days, data showed Monday, although overseas sales of semiconductors continued to remain sluggish.

The country's outbound shipments reached $15.3 billion in the June 1-10 period, compared with $15 billion tallied a year earlier, according to the Korea Customs Service data.

The number of working days over the period came to seven, up from the previous year's 6.5. In terms of the daily average, Korea's export volume dropped 6 percent on year.

An official from the agency noted the 10-day tally may not represent the export trend accurately as it is strongly influenced by the number of working days.

Imports fell 20.7 percent on year to $16.7 billion during the period, resulting in a trade deficit of $1.4 billion.

By sector, outbound shipments of semiconductors, the key engine of Asia's No. 4 economy, reached $2.18 billion over the first 10 days, down 31.1 percent from a year earlier.

Exports of automobiles, on the other hand, more than doubled to $1.47 billion.

Overseas sales of petroleum and steel products lost 35.8 percent and 7.6 percent, respectively, over the period.

By destination, exports to China, the country's top trading partner, fell 10.9 percent to $3.26 billion. Those to the United States rose 6.9 percent to $2.57 billion.

Exports to the European Union and Vietnam increased 26.9 percent and 0.1 percent, respectively.

In May, Korea's overall exports fell for the eighth consecutive month, plunging 15.2 percent on year to $52.24 billion. The decline came as exports of semiconductors sank 36.2 percent on falling global demand.

Yonhap