Exports increase 8.5 pct from June 1-20 on strong chip sales

June 21, 2024

Exports rose 8.5 percent on-year in the first 20 days of June on strong global demand for semiconductors, data showed Friday.

Outbound shipments reached US$35.75 billion in the June 1-20 period, compared with $32.94 billion tallied a year earlier, according to the data from the Korea Customs Service.

Per-day exports also advanced 8.5 percent on-year to $2.47 billion.

Imports inched down 0.6 percent on-year to $34.2 billion during the cited period, resulting in a trade surplus of $1.5 billion.

Exports, a key economic growth engine, rose 11.7 percent on-year to $58.1 billion in May on the back of strong shipments of semiconductors, extending on-year gains to the eighth straight month.

This file photo taken Jan. 1, 2024, shows a port in South Korea's southeastern city of Busan. (Yonhap)
This file photo taken Jan. 1, 2024, shows a port in South Korea’s southeastern city of Busan. (Yonhap)

The export growth was led by strong sales of semiconductors, a key export item.

Chip exports soared 50.2 percent to $7.31 billion from June 1-20.

Semiconductor exports accounted for 20.4 percent of the country’s total exports during the cited period, up 5.7 percentage points from a year earlier amid an industry cycle upturn.

Sales of petroleum products advanced 6 percent to $2.52 billion.

But auto exports shed 0.4 percent on-year to $3.35 billion, and sales of automotive parts fell 2.2 percent to $1.16 billion.

Steel exports lost 4.3 percent to $2.47 billion, and exports of vessels sank 40.3 percent on-year to $1.07 billion.

By nation, exports to the United States jumped 23.5 percent to $7.13 billion.

Shipments to China rose 5.6 percent to $7.03 billion, and those to Vietnam climbed 30.7 percent to $3.53 billion.

But exports to the European Union slid 7.3 percent to $3.33 billion.

The government has expected exports to advance 8.5 percent this year to reach a record high of over $700 billion.