S. Korea's January exports in double-digit growth for 2nd month in a row

South Korea’s exports grew at a double-digit rate from a year ago in January for the second month in a row, mainly driven by robust demand for the country’s mainstay export items such as semiconductors and automobiles.

The country’s outbound shipments rose 11.4 percent in January from the same period a year ago to $48.01 billion, data from the Ministry of Trade, Industry and Energy said on Monday. Exports have been in the positive after turning to a growth of 4.0 percent in November and picking up to 12.6 percent in December.

Daily exports averaged $2.13 billion, up 6.4 percent from a year earlier based on the same number of working days from a year ago and in the highest January turnover.

[Graphics by Song Ji-yoon]

Shipment growth was led by high-value electronics components, medical equipment and electric vehicles. Twelve out of South Korea's 15 staple export items increased shipments, including six related to information technology such as semiconductors and displays.

Semiconductor exports jumped 21.7 percent on year, wireless communications devices 58.0 percent, displays 32.2 percent. Automobile exports jumped 40.2 percent, rebounding from a 4.4 percent fall in the previous month.

By country, exports to the United States soared 46.1 percent to a record high monthly shipment of $.39 billion, the European Union 23.9 percent and China 22.0 percent.

Imports in January gained 3.1 percent from a year earlier to $44.05 billion, delivering a trade surplus of $3.96 billion and extending the black streak for the ninth month.

“We will make all efforts to continue to boost the country’s exports and at the same time to secure new export opportunities by diversifying export items,“ said Sung Yun-mo, the trade minister.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]