South Korea: Exports rise 24.4% in first 10 days of Jan 22

  • South Korea’s exports grew 24.4% y/y in the first 10 days of Jan 22 on the back of solid demand for chips, cars and petroleum products, customs data showed.
  • The country’s outbound shipments stood at USD13.9bn in the 10-day period, compared to USD11.2bn in the year-ago period.
  • Imports jumped 57.1% y/y to USD18.9bn, resulting in a trade deficit of USD4.95bn during the cited period, the data showed.
  • By sector, outbound shipments of memory chips, a key export item, rose 23.3% y/y. Semiconductors accounted for about 20% of exports by South Korea, home to Samsung Electronics Co., the world’s largest memory chip maker, and its smaller rival SK hynix Inc.
  • Exports of petroleum products soared 135.3% y/y as oil prices remained high amid the global economic recovery. Shipments of autos gained 26.2% despite a global shortage of automotive chips. Autos accounted for some 7% of South Korea’s exports.
  • By country, shipments to China, South Korea’s largest trading partner, rose 22.6% y/y, and those to the United States increased 35.1%.

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