Korea’s exports keep up double-digit growth for 8th month

2017.09.01 13:25:19 | 2017.09.01 13:27:31

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South Korea’s exports jumped 17.4 percent on year in August, keeping up the longest double-digit growth momentum - eighth straight month - since September 2011, led primarily by explosive demand in semiconductors.

According to data released by the Ministry of Trade, Industry and Energy on Friday, Korea’s exports reached $47.1 billion in August, up 17.4 percent from a year earlier. Exports have grown for the 10th consecutive month, a winning streak last seen in December 2011.

Shipments of semiconductors hit a fresh monthly high in August at $8.76 billion. Exports of solid-state drives, which function as replacements for hard disc drives, also set a new monthly record of $540 million.

Nine out of 13 mainstay export items rose with eight showing double-digit gains.

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Exports to the three major markets of China, Japan, and the United States strengthened with shipments to China up 15.6 percent in August. Exports to Latin America and Middle East also rebounded.

Imports last month grew 14.2 percent on year to $40.1 billion, producing a trade surplus of $7.01 billion. Korea’s trade balance has been in the black for 67 months.

By Ko Jae-man

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