Exports rise 16.7 percent in early August, led by semiconductors

Economy

Exports rise 16.7 percent in early August, led by semiconductors

Published: 12 Aug. 2024, 19:37

Containers for exports are stacked at a port in the southeastern city of Busan on April 1. [NEWS1]

Korea’s exports rose 16.7 percent on year in the first 10 days of August, data showed Monday, on the back of the strong performance of semiconductors.

Outbound shipments reached $15.5 billion in the Aug. 1-10 period compared with the $13.2 billion tallied a year earlier, according to data from the Korea Customs Service.

Imports grew 13.4 percent on year to reach $18.4 billion during the period, resulting in a trade deficit of $2.9 billion.

By sector, semiconductor exports soared 42.1 percent over the period to $3.4 billion while those of petroleum products rose 5.5 percent to $1.5 billion.

Exports of automobiles also advanced 63.9 percent to reach $876 million, the data showed.

Outbound shipments of machinery, on the other hand, fell 10.6 percent over the period to $245 million.

By destination, exports to China, the top trading partner, gained 10.7 percent to log $3.19 billion while those to the United States rose 27.7 percent to $2.45 billion.

In July, exports extended on-year gains for the tenth straight month on the back of the robust performance of semiconductors, maintaining a trade surplus for 14 consecutive months.

Yonhap