SEOUL, July 13 (AJP) - South Korea's exports in early July reached a record high for the period, as semiconductor exports nearly tripled from a year earlier.
According to data released by the Korea Customs Service (KCS) on Monday, exports in the first 10 days of July rose 53.9 percent from a year earlier to a record US$29.84 billion for the period. The previous high was $28.6 billion, set last month.
Average daily exports, adjusted for working days, rose 53.9 percent to $3.51 billion. There were 8.5 working days, unchanged from a year earlier.
Semiconductors led the gains. Chip exports jumped 193 percent from a year earlier to a record $11.21 billion for the period, accounting for 37.6 percent of total exports, up 17.8 percentage points from a year earlier.
Exports of computer peripherals surged 208.1 percent on strong demand and higher prices for semiconductor-based solid-state drives (SSDs) used in artificial intelligence (AI)-related servers.
Exports of petroleum products rose 22.7 percent, while shipments of ships, steel products and passenger cars increased 75.1 percent, 12.9 percent and 5.7 percent, respectively. Exports of auto parts, however, fell 11.7 percent.
By destination, exports to China rose 88.7 percent, those to the U.S. 43.2 percent and those to Viet Nam 92.8 percent. The three markets accounted for 51.7 percent of total exports.
Imports during the same period rose 17.4 percent from a year earlier to $23.48 billion. Imports of semiconductors increased 49.6 percent, followed by gas at 24.8 percent, machinery at 7.8 percent and semiconductor manufacturing equipment at 49.5 percent. Energy imports including crude oil, gas and coal rose 23.4 percent.
Crude oil imports rose 19 percent to $2.941 billion, as the lingering conflict in the Middle East and a weaker won pushed up import costs, according to KCS.
Imports rose 25.1 percent from China, 4.7 percent from the U.S., 7.6 percent from Japan, and 57.6 percent from Taiwan, while imports from the EU fell 4.4 percent.
With exports exceeding imports, South Korea posted a trade surplus of $6.36 billion.
According to data released by the Korea Customs Service (KCS) on Monday, exports in the first 10 days of July rose 53.9 percent from a year earlier to a record US$29.84 billion for the period. The previous high was $28.6 billion, set last month.
Average daily exports, adjusted for working days, rose 53.9 percent to $3.51 billion. There were 8.5 working days, unchanged from a year earlier.
Semiconductors led the gains. Chip exports jumped 193 percent from a year earlier to a record $11.21 billion for the period, accounting for 37.6 percent of total exports, up 17.8 percentage points from a year earlier.
Exports of computer peripherals surged 208.1 percent on strong demand and higher prices for semiconductor-based solid-state drives (SSDs) used in artificial intelligence (AI)-related servers.
Exports of petroleum products rose 22.7 percent, while shipments of ships, steel products and passenger cars increased 75.1 percent, 12.9 percent and 5.7 percent, respectively. Exports of auto parts, however, fell 11.7 percent.
By destination, exports to China rose 88.7 percent, those to the U.S. 43.2 percent and those to Viet Nam 92.8 percent. The three markets accounted for 51.7 percent of total exports.
Imports during the same period rose 17.4 percent from a year earlier to $23.48 billion. Imports of semiconductors increased 49.6 percent, followed by gas at 24.8 percent, machinery at 7.8 percent and semiconductor manufacturing equipment at 49.5 percent. Energy imports including crude oil, gas and coal rose 23.4 percent.
Crude oil imports rose 19 percent to $2.941 billion, as the lingering conflict in the Middle East and a weaker won pushed up import costs, according to KCS.
Imports rose 25.1 percent from China, 4.7 percent from the U.S., 7.6 percent from Japan, and 57.6 percent from Taiwan, while imports from the EU fell 4.4 percent.
With exports exceeding imports, South Korea posted a trade surplus of $6.36 billion.
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