Korean Economy News
Korea’s Sept 1-10 exports up 30.7%, imports rise faster 60.6%, chip shipments fall

South Korea’s exports sustained robust growth, gaining more than 30 percent in the first 10 days of September against a year-ago period, although the pace slowed from the previous months of around 40 percent due to this year’s first fall in semiconductor shipment.

The country’s exports came at $19.5 billion in September 1-10, up 30.7 percent from the same period a year earlier, according to the preliminary data released by the Korea Customs Service on Wednesday. Daily exports also jumped 30.7 percent based on the same 8.5 working days last year.

Most of the mainstay items maintained their strong growth pace. Steel product shipments surged 58.1 percent on year, petroleum products 131.1 percent, automobile 46.8 percent, wireless communication device 16.5 percent and precision machinery 17.5 percent.

Overseas shipments of semiconductors, however, contracted 2.1 percent from the previous year. The first 10-day chip exports declined on year for the first time this year.

By destination, exports to China gained 24.5 percent, the United States 44.8 percent, the European Union 67.7 percent, Vietnam 3.8 percent, Japan 49 percent and Taiwan 47.4 percent.

Korean exports have been rising since November last year.

Imports for the first 10 days of September grew much faster 60.6 percent from a year ago.

Crude imports gained 99.4 percent, chips 27 percent, petroleum products 400.9 percent and automobile 12.5 percent.

Imports of mobile communication devices, however, decreased 4.3 percent.

By country, imports from China rose 41.6 percent, the U.S. 73.6 percent, the EU 36.5 percent, Japan 42.9 percent and Australia 98.4 percent. Imports from Vietnam slipped 2.8 percent.

By Choi Mira

[? Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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