South Korea's exports surge by 18.8 percent YoY in July
Date
7/22/2024 4:13:16 AM
(MENAFN) South Korea's exports surged by 18.8 percent year-on-year in the first 20 days of July, driven by robust performances in the Semiconductor and automotive industries, according to government data released on Monday. The Korea Customs Service reported that the nation's exports reached USD37.17 billion from July 1 to 20, up from USD31.2 billion during the same period last year. Imports also saw a year-on-year increase of 14.2 percent, amounting to USD37.2 billion, which resulted in a trade deficit of USD50 million for the period.
Breaking down the data by sector, semiconductor exports experienced a remarkable 57.5 percent increase, totaling USD6.7 billion. The automotive sector also contributed to the growth, with exports rising 1.8 percent to USD3.49 billion. Additionally, exports of petroleum products and steel products saw increases of 28.4 percent and 8.8 percent, respectively. However, not all sectors performed equally well; exports of mobile communications equipment and ships declined by 1.3 percent and 49.1 percent, respectively.
Examining exports by destination, shipments to China, South Korea's largest trading partner, rose by 20.4 percent to USD7.65 billion. Exports to the United States grew by 13.4 percent to USD6.53 billion, while those to the European Union increased by 3.3 percent to USD3.7 billion. This positive trend follows a 5.1 percent year-on-year rise in exports in June, reaching USD57 billion and marking the ninth consecutive month of year-on-year growth, underscoring the vital role of exports in South Korea's economic expansion.
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