Korea’s Aug exports up 35% on yr to monthly record, Jan-Aug record also highest

2021.09.01 13:38:46 | 2021.09.01 13:40:06

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South Korea’s exports kept up monthly record run in August with on-year gain of 35 percent, pushing accumulated shipment value to the biggest $411.9 billion in the eight-month period.

According to data released by the Ministry of Trade, Industry and Energy on Wednesday, the country’s outbound shipments totaled $53.23 billion in August, up 34.9 percent on year. The amount was a record high for August.

Exports have been extending their gains for the 10th straight month and running on a double-digit growth for the sixth month in a row. The country also topped $50 billion in exports for the sixth month from March.

Daily exports climbed 29 percent on year to a record high of $2.31 billion, based on 23 working days, one day more than a year earlier.

The cumulative exports from January to August came to $411.9 billion, topping the $400 billion mark at their fastest.

All of the country’s 15 mainstay exports grew by double digits.

Outbound shipments of semiconductors jumped 43 percent on year to a record high of $11.7 billion, topping $10 billion for the fourth straight month, thanks to the strong demand from major data center operators expanding their servers.

Shipments of petrochemicals products surged 81.5 percent to $4.98 billion on rising oil prices and strong demand from the construction and automobile industries.

Exports of automobiles gained 16.9 percent on year to $3 billion on robust sales of high-priced eco-friendly cars and SUVs despite chip supply shortages.

Also exports from the country’s new growth engines – biohealth ($1.24 billion), secondary battery ($820 million), agricultural and fishery ($690 million) and cosmetics ($670 million) sectors – hit record highs.

Exports grew in all nine regions, undisturbed by the Delta variant surge —China 26.8 percent, the United States 38.1 percent, European Union 41.6 percent, Association of Southeast Asian Nations 27.2 percent, Japan 44 percent, Central and South America 73.4 percent, India 53.5 percent, the Middle East 15.4 percent, and Commonwealth of Independent States 34.1 percent.

Imports rose 44 percent on year to $51.56 billion in August, leading to a 16th consecutive trade surplus of $1.67 billion.

By Lee Soo-min

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