South Korea exports rise 9.5% during the first ten days of July

Segong on July 11 / WAM / Data on Friday showed that South Korea’s exports increased by 9.5% on an annual basis in the first ten days of July.

The value of the country’s exports was 19.4 billion US dollars from 1 to 10 July, compared to 17.72 billion dollars in the same period of the previous year, according to the data issued by the Korean Customs Department.

The average daily exports increased by 9.5% on an annual basis to reach 2.28 billion dollars, and the country’s imports increased by 1.8% on an annual basis to reach $ 19.99 billion during the mentioned period, which led to a trade deficit of $ 594 million, according to data.

The rise in exports came with strong demand for semiconductors and cars; The chips exports increased by 12.8% on an annual basis to reach 3.83 billion dollars, and semiconductor exports constituted 19.7% of the country’s total exports during the first ten days of July, an increase of 0.6 percentage points from the same period last year.

Car exports increased by 13.3% on an annual basis to reach $ 1.8 billion, while ship exports jumped by 134.9% to reach 889 million dollars.

Steel products exports increased by 4.1% to $ 1.29 billion, while exports of petrochemical products decreased by 1.9% to $ 1.39 billion.

According to the destination, exports to China, the first commercial partner of South Korea, increased by 6.2% to reach 3.74 billion dollars, and exports to the United States increased by 6.1% on an annual basis to reach $ 3.43 billion, despite the new customs duties imposed by Washington.

Exports to the European Union and Vietnam recorded an increase of 3.6% and 2.2%, respectively, on an annual basis.

In June, exports increased by 4.3% compared to the previous year to reach $ 59.8 billion, recording its highest level in any month, supported by strong global demand for semiconductors, according to government data.

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