Seoul, April 21 (IANS) South Korea’s exports surged 49.4 per cent from a year earlier in the first 20 days of this month, driven by strong demand for semiconductors, data showed on Tuesday.
Outbound shipments reached $50.4 billion in the April 1-20 period, compared with $33.7 billion tallied over the same period last year, according to the data from the Korea Customs Service. The tally marked the highest figure for the first 20 days of April, reports Yonhap news agency.
Imports increased 17.7 percent on-year to $39.9 billion during the period, resulting in a trade surplus of $10.4 billion, the data showed.
Semiconductor exports spiked 182.5 percent on-year to $18.3 billion during the period, while outbound shipments of computers and related equipment soared 399 percent to $2.2 billion.
Exports of petroleum products rose 48.4 percent to $3.2 billion, and ship exports shot up 76.6 percent to $1.8 billion. Steel also gained 8.6 percent to $2.6 billion.
On the other hand, exports of automobiles and auto parts dropped 14.1 percent and 8.8 percent to $3.1 billion and $1.1 billion, respectively.
By destination, exports to China expanded 70.9 percent to $11.2 billion, while shipments to the United States climbed 51.7 percent to $9.3 billion.
Exports to Vietnam, the European Union and Japan added 79.2 percent, 10.5 percent and 40.7 percent to $5.5 billion, $4.4 billion and $2.1 billion, respectively.
Notably, crude oil imports gained 13.1 percent to $4.8 billion in the first 20 days of April, marking the third consecutive month of an on-year increase amid a sharp rise in international oil prices caused by the ongoing Middle Eastern crisis, the data showed.
“Despite strong export performance led by semiconductors, conditions remain challenging due to growing global uncertainties, including the conflict in the Middle East and tariffs imposed by major economies,” First Vice Finance Minister Lee Hyoung-il said during a meeting with exporters in Seoul.
“We will swiftly execute supplementary budget programs that include expanded export vouchers and financial support. We also plan to offer customised financial packages and deliver tailored support, such as briefings on logistics and foreign exchange rate fluctuations, to help firms respond to rapidly changing export conditions,” he added.
Lee heads a task force launched earlier this month to support exporters in achieving the goal of US$1 trillion in exports by 2030.
—IANS
na/
