S. Korea’s exports surge 65% in 20 days of May fueled by chips
South Korea’s exports jumped 65 percent year-on-year during the first 20 days of May, driven largely by booming semiconductor sales, according to government data released Thursday, Qazinform News Agency cites Yonhap.
Exports totaled US$52.7 billion between May 1 and May 20, compared with $31.9 billion during the same period last year, the Korea Customs Service said. The amount marked the highest-ever export figure recorded for the first 20 days of May.
Imports also increased, rising 29.3 percent to $41.6 billion, leaving the country with a trade surplus of $11 billion.
Semiconductors led the export surge, soaring 202 percent from a year earlier to $21.9 billion. Exports of petroleum products also posted strong growth, climbing 46.3 percent to $3.23 billion.
The data showed chips accounted for 41.7 percent of South Korea’s total exports, up 19 percentage points from the previous year.
In contrast, automobile exports declined 10.1 percent to $2.76 billion over the same period.
By trading partner, exports to China nearly doubled, rising 96.5 percent. Shipments to the United States increased 79.3 percent, while exports to Vietnam climbed 70.2 percent. Exports to the European Union also grew 21.7 percent.
Cumulative exports for the year through Wednesday reached $359.1 billion, representing a 43.9 percent increase compared with the same period last year.
Earlier, Qazinform reported Kazakhstan seeks to expand non-commodity exports to $52bn.
