Korea's exports rise 18.8 percent on year due to chips, cars

Economy

Published: 22 Jul. 2024, 18:31

Korea's exports rise 18.8 percent on year due to chips, cars

Shipping containers are stacked at a port in South Korea's largest port city of Busan, in this file photo taken Jan. 1, 2024. [YONHAP]

Korea’s exports rose 18.8 percent on year in the first 20 days of July, data showed Monday, on the back of the robust performance of chips and cars.

Outbound shipments reached $37.17 billion in the July 1-20 period, compared to $31.2 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports grew 14.2 percent on year to $37.2 billion during the period, resulting in a trade deficit of $50 million.

By sector, outbound shipments of semiconductors jumped 57.5 percent over the period to hit $6.7 billion.

Exports of automobiles moved up 1.8 percent to reach $3.49 billion, the data also showed.

Other major winners included petroleum and steel products, along with auto parts.

Exports of mobile devices and ships, on the other hand, shed 1.3 percent and 49.1 percent, respectively.

By destination, exports to China, the top trading partner, soared 20.4 percent to $7.65 billion.

Shipments to the United States gained 13.4 percent to $6.53 billion, and those to the European Union added 3.3 percent to $3.7 billion, the data showed.

Yonhap