Korea exports rise 8.3% in the first 20 days of June thanks to the demand for chips

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On June 23, Son/ Data showed on Monday that South Korea’s exports increased by 8.3% on an annual basis in the first 20 days of this month, thanks to the strong demand for semiconductors.

The value of Korean exports amounted to 38.67 billion US dollars from 1 to 20 June, compared to 35.69 billion dollars during the same period last year, according to the data issued by the Customs Department.

The average daily exports volume increased by 12.2% on an annual basis during the mentioned period, while the number of working days during this period reached 14 days, compared to 14.5 days in the same period last year.

The country’s imports increased by 5.3% year on an annual basis to 36.1 billion dollars during this period, which led to a trade surplus of $ 2.6 billion.

In detail, semiconductor exports increased by 21.8% compared to the previous year to reach 8.85 billion dollars, and chips exports constituted 22.9% of the total exports during the mentioned period, an increase of 2.5 percentage points from the same period last year, while car exports increased by 9.2% on an annual basis to $ 3.65 billion, and ship exports jumped in a rate 47.9% to $ 1.58 billion.

According to the destination, exports to the United States and the European Union increased by 4.3% and 23.5% on an annual basis, respectively, while exports to China, the first commercial partner of South Korea, decreased by 1% during the same period.