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Exports increase 6.8% on-year due to semiconductor demand

Published: 23 Dec. 2024, 17:18

Shipping containers at a port in Busan [YONHAP]

Korea's exports increased 6.8 percent on-year in the first 20 days of December on growing demand for semiconductors, data showed Monday.

Outbound shipments reached $40.3 billion in the Dec. 1-20 period, compared with $37.73 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports jumped 7.5 percent on-year to $38.9 billion during the period, resulting in a trade surplus of $1.35 billion, the data showed.

Adjusted for the number of working days, daily average exports increased 3.5 percent on-year to $2.52 billion, the agency said. This year's period included 16 working days, compared with 15 1/2 working days over the same time frame last year.

Exports of semiconductors surged by 23.4 percent on-year to $8.2 billion, reflecting an upswing in the semiconductor industry cycle.

Semiconductor exports accounted for 20.4 percent of the country's total exports during the 20-day period, an increase of 2.7 percentage points from the previous year.

Automobile exports rose 8.9 percent on-year, while exports of petroleum products fell by 14.6 percent on-year.

"Exports and daily average exports have both increased, driven by strong performances in semiconductors and auto parts," said Jo Eek-no, director general for international trade policy at the Ministry of Trade, Industry and Energy. "We expect the positive export growth trend to continue for the 15th consecutive month."

By nation, shipments to China increased 12.4 percent on-year to $8.1 billion, and exports to the United States gained 6 percent on-year to $8 billion.

Outbound shipments to the European Union also surged 28.3 percent to $4.3 billion.

Yonhap