Korea’s exports increased by 8.2% during the first 20 days of November
SEOUL, 21st November / WAM / The Republic of Korea’s exports rose by 8.2% year-on-year during the first 20 days of November, thanks to strong global demand for semiconductors and cars, according to data on Friday from the Korean Customs Authority.
The Korean Yonhap News Agency reported that the data showed that the value of exports to the country recorded $38.5 billion during the period from November 1 to 20, an increase of 8.2% from $35.6 billion during the same period last year.
The country’s imports increased by 3.7% year-on-year to $36.1 billion, resulting in a trade surplus of $2.4 billion.
The authority said that this increase is due to the high global demand for semiconductors and cars despite the US customs duties.
Chip exports jumped by 26.5% year-on-year to $975 billion, constituting 25.3% of the country’s total exports during the aforementioned period.
Car exports increased by 22.9% to $3.81 billion, while ship exports increased by 2.3% to $1.15 billion.
By destination, exports to China rose 10.2% to $8.22 billion, and exports to the United States expanded 5.7% to $5.7 billion.
Exports to the European Union increased by 4.9% to $3.58 billion.
In October, exports grew 3.6% from a year earlier to reach $59.57 billion on the back of strong demand for semiconductors, recording an increase for the fifth month in a row.
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