Korea’s exports increased by 17.3% during the first 10 days of December

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SEOUL, December 11, 2017 (WAM) – The Republic of Korea’s exports rose by 17.3% over the previous year during the first ten days of this December, supported by strong global demand for semiconductors and an increase in working days, according to data from the Korean Customs Authority issued today, Thursday.

The Korean Yonhap News Agency reported that the value of exports amounted to 20.58 billion US dollars during the period from December 1 to 10, compared to 17.54 billion dollars in the previous year, according to the authority’s data.

These numbers were at an all-time high in any 10-day period.

The data showed that imports rose by 8% on an annual basis to $20.65 billion during this period, leading to a trade deficit of $70 million.

Strong demand for semiconductors led to a rise in overall exports.

Chip shipments rose 45.9% from a year earlier to $5.27 billion. Semiconductor exports accounted for 25.6% of the country’s total exports during the ten-day period, an increase of 5% over the previous year.

In November, exports rose 8.4% from a year earlier to $61.04 billion, the highest level for any November, driven by strong demand for semiconductors.

Accumulated exports from January to November amounted to $640.2 billion, a record for the aforementioned period, raising expectations that the country’s annual exports will exceed $700 billion for the first time in its history this year.