South Korea’s exports remained strong in the first 20 days of April, gaining more than 11 percent from a year ago on robust demand for mainstay chips.

According to data released by the Korea Customs Service on Monday, the country’s exports totaled $35.8 billion from April 1 to 20, up 11.1 percent from the same period last year.

Daily exports also jumped 11.1 percent on year to $2.31 billion.

Monthly exports have been on an upward trend since October last year.

Outbound shipments of chips increased by 43 percent in the first 20 days of April. Chip exports have shown double-digit growth for the fifth consecutive month.

Exports of passenger cars, which had declined in the previous two months, increased by 12.8 percent while those of petroleum products and precision machinery increased by 14.8 percent and 6.2 percent, respectively.

Outbound shipments of steel, on the other hand, fell by 2.5 percent in the first 20 days of April, and those of auto parts declined 0.9 percent and vessels 16.7 percent.

By region, exports to the United States increased by 22.8 percent and those to China by 9 percent, while exports to the European Union decreased by 14.2 percent.

Imports during the same period stood at $38.5 billion, up 6.1 percent, resulting in a trade deficit of $2.65 billion.

Crude oil imports increased by 43 percent while chip imports gained 18.2 percent. Imports of natural gas increased by 9.9 percent and those of energy, including oil, gas and coal, 24.8 percent.

Imports of semiconductor manufacturing equipment, on the other hand, fell by 38.8 percent and imports of passenger cars fell by 12.4 percent.

By Pulse

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