Exports rise 3.8 pct in Jan. 1-10 on strong chip demand

January 13, 2025

South Korea’s exports increased 3.8 percent from a year earlier in the first 10 days of this month on strong shipments of chips, data showed Monday.

Outbound shipments reached US$16 billion in the Jan. 1-10 period, compared with $15.4 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports gained 2.6 percent on-year to $19 billion during the period, resulting in a trade deficit of $3 billion.

Shipping containers are stacked at a port in the southeastern city of Busan, in this file photo taken April 1, 2024. (Yonhap)
Shipping containers are stacked at a port in the southeastern city of Busan, in this file photo taken April 1, 2024. (Yonhap)

Exports of semiconductors surged 23.8 percent on-year to $3.18 billion over the cited period.

Shipments of semiconductors accounted for 32 percent of the country’s total exports during the 10-day period, compared with 26 percent a year earlier, the data showed, amid an industry cycle upturn.

Auto exports went up 4.7 percent to $1.36 billion, while those of petroleum products plunged 47 percent to $851 million.

By nation, shipments to China increased 3.4 percent on-year to $3.36 billion, and exports to the United States gained 1.4 percent to $2.67 billion.

Outbound shipments to the European Union shed 2.5 percent to $1.62 billion.