Korea’s Jan 1-20 exports up 14.9% on chip boom

(Yonhap)

South Korea’s exports rose nearly 15 percent in the first 20 days of January from the same period last year, driven by strong demand for chips.

According to the Korea Customs Service on Wednesday, exports from January 1 to 20 totaled $36.4 billion, up 14.9 percent from a year earlier.

The daily average stood at $2.51 billion based on 14.5 working days, unchanged from last year.

Semiconductor exports jumped 70.2 percent amid the global artificial intelligence boom, leading overall export growth. Semiconductors accounted for 29.5 percent of total exports, up 9.6 percentage points.

Petroleum products rose 17.6 percent, and wireless communication devices climbed 47.6 percent.

Exports of passenger cars fell 10.8 percent, auto parts declined 11.8 percent, and ship exports dropped 18.1 percent.

By destination, exports to the United States rose 19.3 percent, China increased 30.2 percent, and Vietnam 25.3 percent. Shipments to the European Union, on the other hand, fell 14.8 percent and Japan 13.3 percent.

Imports for the same period totaled $37 billion, up 4.2 percent, resulting in a trade deficit of $600 million.

Semiconductor imports rose 13.1 percent and semiconductor manufacturing equipment 42.3 percent. Crude oil fell 10.7 percent, gas 23.1 percent, and machinery 0.7 percent. Energy imports, including crude oil, gas, and coal, fell 12.5 percent.

Imports from China rose 3.1 percent, the U.S. 5.3 percent, the EU 26.6 percent, and Australia 15.9 percent. Imports from Japan fell 0.1 percent.