South Korea’s exports double in 1st 20 days of October
South Korea’s exports more than doubled in the first 20 days of October, reaching a record $61.6 billion as strong semiconductor shipments drove growth, customs data showed on Wednesday, Qazinform News Agency cites Yonhap.
According to the Korea Customs Service, outbound shipments from October 1 to 20 surged compared with the same period a year earlier, marking the highest export value ever recorded for the first 20 days of October.
The daily average export value, calculated based on business days, also hit a record $4.74 billion, the highest for the corresponding period of any month.
Imports rose 42.8% year on year to $47.1 billion, resulting in a trade surplus of $14.5 billion during the reporting period.
Semiconductors were the main driver of export growth. Chip shipments soared 222.5% to a record $27.5 billion for the first 20 days of October. Semiconductors accounted for 44.7% of South Korea’s total exports, up 16.2 percentage points from a year earlier.
Other major export categories also posted strong gains. Exports of petroleum products increased 68.3% to $3.94 billion, while automobile shipments rose 40.9% to $3.35 billion. Steel product exports climbed 42.6% to $2.58 billion.
By destination, exports to China surged 154.4% to $16.6 billion, while shipments to the United States jumped 154.9% to $10.7 billion. Exports to Vietnam and the European Union also increased, rising 74.6% and 78.2%, respectively.
Cumulative exports from January 1 through Tuesday reached $876.3 billion, up 59.5% from the same period last year, according to the report. South Korea’s cumulative trade surplus for the year stood at $266.9 billion.
Earlier, it was reported South Korea would use four-legged patrol robots to guard public spaces.