Exports rise 8.7% over 2018 thanks to chips, oil products

Korea’s outbound shipments reached $52.1 billion last month, rising 8.7 percent from a year earlier, driven by robust exports of chips and petrochemical goods, customs data showed Monday.

The country’s imports also jumped 9.4 percent on-year to $44.3 billion last month, resulting in a trade surplus of $6.9 billion. This marks Korea’s 79th consecutive month in the black, according to the data compiled by the Korea Customs Service.

In the first eight months of the year, the nation’s outbound shipments advanced 6.6 percent to $399.8 billion, with its accumulated trade surplus of $45.17 billion, they showed.

In August, exports of semiconductors reached a record $11.8 billion, rising on-year for the 22nd straight month. Exports of petrochemical goods also jumped 45.6 percent to $4.27 billion over the cited period, the data showed.

Korea’s exports are expected to exceed $600 billion this year helped by robust demand for information and technology products and high oil prices, a state trade promotion agency said earlier. The estimated export figure for 2018 is up 4.5 percent from $574 billion a year earlier, the Korea Trade-Investment Promotion Agency said.

Yonhap