South Korean exports are likely to sustain growth momentum for two consecutive months as the figure for the first 20 days of August showed a 14.9 percent rise from the same period a year ago. Semiconductor and petroleum industries continued to prop up overall growth.

According to data released by the Korea Customs Service on Tuesday, the country’s exports totaled $28.8 billion in the first 20 days of the month, up 14.9 percent from the same period a year earlier. Daily exports averaged $1.98 billion during the cited period, also up 14.9 percent from a year ago.

Given the current growth pace, the country would close August with a two-month winning streak. Exports rose 6.2 percent on year in July, rebounding from a 0.17 percent fall in the previous month. Export growth came to an abrupt halt in April, snapping its growth streak of 17 straight months, before it bounced back in May.

The main growth drivers in the cited period were petroleum products and semiconductors, whose exports jumped 53.2 percent and 39.1 percent, respectively. Automobile shipment also gained 23.0 percent.

But ship delivery plunged 61.8 percent compared against the same period last year and shipment of mobile communication devices was down 13.4 percent on year.

By country, exports to Vietnam gained 24.6 percent on year, China 23.9 percent, Japan 20.1 percent and the United States 6.4 percent. Exports to Singapore fell 14.8 percent and the European Union 0.5 percent.

The country’s imports rose 6.0 percent on year to $27.4 billion largely due to a rise in global oil prices. Inbound shipment of petroleum products jumped 81.2 percent on year, gas 41.7 percent, and crude oil 17.5 percent. Imports of semiconductor equipment shrank 41.9 percent on year.

Korea recorded a trade surplus of $1.37 billion for the cited period.

By Sohn Il-seon and Cho Jeehyun

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