South Korea’s exports stayed robust in the new year after a record-breaking 2021, gaining more than 20 percent in the first 10 days of January against a year ago on strong demand for mainstay chips, petrochemical products, and automobiles.
According to data released by the Korea Customs Service on Tuesday, the country’s exports from January 1 to 10 totaled $13.9 billion, up 24.4 percent from the same period last year. Daily exports jumped 14.8 percent on year based on 6.5 working days, 0.5 day longer than last year.
Outbound shipments of chips jumped 23.3 percent on year in the first 10 days of January, petrochemical products 135.3 percent, automobiles 26.2 percent, and precise machinery 29.2 percent.
Exports of wireless communications devices, however, fell 51 percent during the same period.
By country, shipments to China gained 22.6 percent, the United States 35.1 percent, Vietnam 17.3 percent, and European Union 3.8 percent, while exports to Hong Kong fell 23.4 percent.
Korea’s exports have remained strong, expanding on year for 14 straight months from November 2020 to December last year. The pace has been easing from December - 18.3 percent versus 24.2 percent on-year gain in October and 32 percent in November.
Imports in the first 10 days of January stood at $18.9 billion, up 57.1 percent from a year ago, resulting in a trade deficit of $4.9 billion.
Gas imports surged 392.5 percent on year, crude oil 79.9 percent, chips 28.4 percent, and petrochemical products 149.8 percent. Inbound shipments of wireless communications devices fell 42.5 percent.
By Lee Eun-joo
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]