Korea’s exports up 38.5% on yr in July 1-10, surplus at $2.1 bn

2017.07.11 13:11:44 | 2017.07.11 13:44:06

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Korea’s exports reached $14.3 billion in the first 10 days of July, up a whopping 38.5 percent from the same month last year, on still-robust overseas demand for semiconductors and revived ship orders.

According to Korea Customs Service (KCS) on Tuesday, daily average shipment valued $2.04 billion so far this month, also up 38.5 percent on year.

Exports rose 13.7 percent in June, keeping up growth for the eighth consecutive month in the longest winning streak in five years and a half. Monthly export value of $51.2 billion was the second-largest ever since October 2014.

Ships and semiconductors this month remained the primary drivers.

Vessel exports skyrocketed 574.4 percent on year and semiconductors 50.4 percent.

“Export value soared this month because the shipment included an offshore plant costing more than $2 billion, while chip exports remain strong,” said a KCS official.

Automobile exports fell 0.2 percent and wireless communication equipment down 23.7 percent.

By country, exports to Japan rose 12.7 percent, Vietnam 11.2 percent and China 4.9 percent. Exports to the U.S. and the Middle East fell by 2.0 percent and 3.7 percent, respectively.

Imports over the same period grew 17.2 percent to $12.2 billion to deliver a trade surplus of $2.1 billion.

By Kim Se-woong

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]