S. Korea: Exports up 8.2 pc during first 20 days of November

Seoul, Nov 21 (SocialNews.XYZ) South Korea's exports recorded an 8.2 per cent on-year gain in the first 20 days of November mainly on the back of strong global demand for semiconductors and automobiles, data showed on Friday.

Outbound shipments reached US$38.5 billion from Nov. 1 to Thursday, compared with $35.6 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports increased 3.7 percent on-year to $36.1 billion during the period, resulting in a trade surplus of $2.4 billion, reports Yonhap news agency.

The agency attributed the increase in outbound shipments to a rise in global demand for semiconductors and automobiles despite U.S. tariff measures.

Chip exports jumped 26.5 percent on-year to $9.75 billion, accounting for 25.3 percent of the country's total exports during the cited period.

Car exports advanced 22.9 percent to $3.81 billion, while ship exports gained 2.3 percent to $1.15 billion.

In contrast, shipments of petroleum products dropped 19.3 percent to $2.14 billion, and steel exports contracted 9.2 percent to $2.25 billion.

By destination, exports to China rose 10.2 percent to $8.22 billion, and exports to the United States expanded 5.7 percent to $6.78 billion.

Exports to the European Union also increased 4.9 percent to $3.58 billion.

In October, exports grew 3.6 percent from a year earlier to $59.57 billion on the back of strong demand for semiconductors, marking the fifth consecutive month of increase.

Earlier, South Korea's exports went up 6.4 percent from a year earlier in the first 10 days of this month. Outbound shipments reached US$15.8 billion in the Nov. 1-10 period, compared with $14.9 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports increased 8.2 percent on-year to $17 billion during the period, resulting in a trade deficit of $1.2 billion.

—IANS

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Source: IANS