Trade logs deficit in first 20 days in April on rising oil prices

Gasoline prices are shown at a gas station in Seoul on Sunday. [YONHAP]

Korea's imports soared 6.1 percent on year to $38.5 billion during the first 20 days of April, driven by global oil price hikes.

Exports also rose, climbing 11.1 percent compared to last year to reached $35.82 billion on the back of surging global demand for semiconductors, data from the Korea Customs Service showed Monday, bringing the country's trade balance to a deficit of $2.6 billion.

Outbound shipments increased over the $32.25 billion tallied a year earlier, according to the data, with per-day exports also advancing 11.1 percent on-year to $2.31 billion.

Exports, a key economic growth engine, have been on a solid recovery track since late last year after a yearlong downturn.

In March, they rose 3.1 percent on-year to $52.2 billion, the sixth consecutive monthly gain, on strong demand for semiconductors.

April's growth in outbound shipments was led by strong sales of semiconductors, a key export item, which jumped 43 percent to $5.85 billion in the first 20 days of the month to account for 16.3 percent of the country's total exports during the cited period, up 3.6 percentage points from a year earlier amid an industry cycle upturn.

Outgoing auto shipments climbed 12.8 percent on year to $3.93 billion, and petroleum products rose 14.8 percent to $2.81 billion.

Steel exports, however, shed 2.5 percent to $2.64 billion, and sales of automotive parts inched down 0.9 percent to $1.23 billion. Vessels also tumbled, falling 16.7 percent on-year to $1.11 billion.

By nation, exports to the United States soared 22.8 percent to $7.23 billion.

Shipments to China rose 9 percent to $6.87 billion, and those to Hong Kong spiked 63.6 percent to $1.45 billion.

Exports to Vietnam also went up 26.6 percent to $3.12 billion, and to Japan, 22.1 percent to $1.75 billion.

Exports to the European Union, however, slid 14.2 percent to $3.54 billion.

The government expected exports to advance 8.5 percent this year to reach a record high of over $700 billion.

The overall import growth came as oil imports soared 43 percent on year to $6.13 billion amid high global oil prices.

Dubai crude reached $89.56 from April 1-20, up $4.14 from a year earlier.

The price has been on a constant rise in recent months, from $78.85 in January to $80.88 in February and $84.18 in March amid escalating tensions in the Middle East and other geopolitical uncertainties.

"We are expected to achieve on-year export growth for the seventh month in a row in April and see a trade surplus. The government will prioritize risk management to minimize any possible impact of the recent crisis in the Middle East on our exports," an industry ministry official said.

Korea logged a monthly trade surplus for the 10th consecutive month through March.

BY SHIN HA-NEE, YONHAP [shin.hanee@joongang.co.kr]