Exports rise 18.5% from Aug. 1-20 on strong chip demand


In a file photo dated Aug. 12, a container yard in the South Korean port city of Busan is depicted. According to data released on Wednesday, South Korea's exports surged by 18.5 percent year-on-year in the first 20 days of August, driven by strong overseas sales of semiconductor chips. During the period from August 1 to 20, outbound shipments totaled $33.1 billion, compared to $27.9 billion in the same period a year earlier, as per the Korea Customs Service. However, imports also grew by 10.1 percent year-on-year to reach $34.6 billion, resulting in a trade deficit of $1.47 billion. Notably, exports of semiconductors saw a substantial increase of 42.5 percent to $6.7 billion, while exports of petroleum products and steel products also experienced growth. The data also revealed that exports of automobiles climbed 7.9 percent to $2.28 billion, but exports of mobile devices dropped by 1 percent to $1.12 billion. In terms of destinations, exports to China rose by 16.3 percent to $6.82 billion, and exports to the United States grew by 18 percent to $5.19 billion. The report also highlighted that South Korea maintained a trade surplus for 14 consecutive months, with exports maintaining year-on-year growth for the 10th consecutive month, largely driven by the strong performance of semiconductors.


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