SEOUL, June 11 (AJP) - South Korea's exports in early June surged more than 80 percent from a year earlier to a record, driven by booming semiconductor shipments that more than tripled.
According to data released by the Korea Customs Service (KCS) on Thursday, exports in the first 10 days of this month totaled US$28.63 billion, up 85.9 percent from a year earlier and the highest for the period on record. The previous high was $25.2 billion in April.
Average daily exports, adjusted for working days, rose 46.1 percent to $4.09 billion. There were seven working days, 1.5 more than a year earlier.
Shipments of semiconductor chips led the gains, climbing 205.8 percent to $11.07 billion, the highest ever for the period of June 1–10.
The KCS attributed the surge to a rebound in memory prices and stronger demand for artificial intelligence (AI)-related chips including high-bandwidth memory, as semiconductors accounted for 38.7 percent of total exports, up 15.1 percentage points from a year earlier.
Other exports also rose, with petroleum products up 68.7 percent, ships 52 percent, steel products 39.1 percent and passenger cars 25.4 percent. Computer peripherals jumped 259.4 percent on stronger demand and higher prices for SSD storage devices used in AI servers.
Exports to all major markets rose with shipments to China surging 101.4 percent, the U.S. 54.4 percent, Viet Nam 102.9 percent, Taiwan 134 percent and the European Union (EU) 46 percent. The top three destinations like China, Viet Name and the U.S. accounted for 47.3 percent of total exports.
Meanwhile, imports during the same period rose 35.6 percent to $23.35 billion, with semiconductors up 71.3 percent, manufacturing equipment 52.2 percent and machinery 21.2 percent.
Imports of energy-related products including crude oil, gas and coal increased 39.9 percent from a year earlier. Crude oil imports rose 42.9 percent to $3.03 billion, which the KCS attributed to higher global oil prices amid the prolonged conflict in the Middle East and a weaking won.
Imports rose from China by 57.4 percent, followed by the U.S. (34.6 percent), the EU (20.9 percent), Japan (31.3 percent), and Taiwan (43.6 percent).
With exports exceeding imports, South Korea posted a trade surplus of $5.28 billion.
According to data released by the Korea Customs Service (KCS) on Thursday, exports in the first 10 days of this month totaled US$28.63 billion, up 85.9 percent from a year earlier and the highest for the period on record. The previous high was $25.2 billion in April.
Average daily exports, adjusted for working days, rose 46.1 percent to $4.09 billion. There were seven working days, 1.5 more than a year earlier.
Shipments of semiconductor chips led the gains, climbing 205.8 percent to $11.07 billion, the highest ever for the period of June 1–10.
The KCS attributed the surge to a rebound in memory prices and stronger demand for artificial intelligence (AI)-related chips including high-bandwidth memory, as semiconductors accounted for 38.7 percent of total exports, up 15.1 percentage points from a year earlier.
Other exports also rose, with petroleum products up 68.7 percent, ships 52 percent, steel products 39.1 percent and passenger cars 25.4 percent. Computer peripherals jumped 259.4 percent on stronger demand and higher prices for SSD storage devices used in AI servers.
Exports to all major markets rose with shipments to China surging 101.4 percent, the U.S. 54.4 percent, Viet Nam 102.9 percent, Taiwan 134 percent and the European Union (EU) 46 percent. The top three destinations like China, Viet Name and the U.S. accounted for 47.3 percent of total exports.
Meanwhile, imports during the same period rose 35.6 percent to $23.35 billion, with semiconductors up 71.3 percent, manufacturing equipment 52.2 percent and machinery 21.2 percent.
Imports of energy-related products including crude oil, gas and coal increased 39.9 percent from a year earlier. Crude oil imports rose 42.9 percent to $3.03 billion, which the KCS attributed to higher global oil prices amid the prolonged conflict in the Middle East and a weaking won.
Imports rose from China by 57.4 percent, followed by the U.S. (34.6 percent), the EU (20.9 percent), Japan (31.3 percent), and Taiwan (43.6 percent).
With exports exceeding imports, South Korea posted a trade surplus of $5.28 billion.
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