Korea's Oct.1-20 exports up 36% on yr, imports at sharply 48% growth

Exports in South Korea rose 36.1 percent in the first 20 days of October from the same period last year on strong demand for chips and petroleum products.

According to the data released by Korea Customs Service on Thursday, the country’s outbound shipments amounted to $34.2 billion from Oct. 1 to 20, up 36.1 percent on year. Based on one day longer working days of 13 days, daily exports gained 25.7 percent.

Outbound shipments of semiconductors grew 23.9 percent year over year in the first 20 days of October. Exports of petroleum products gained 128.7 percent, automobiles 10.5 percent, wireless communication devices 2.6 percent, ships 93.5 percent and precision machinery 26.7 percent.

By destinations, shipments to China increased 30.9 percent, the U.S. 37.1 percent, the European Union 42.1 percent, Vietnam 15 percent, Japan 51.9 percent and Taiwan 61.4 percent.

Korea’s exports have been extending growth for 11 consecutive months since November last year. The country’s exports hit all-time high of $55.8 billion in September.

Imports from Oct.1-20 gained by a bigger pace of 48 percent on year to $36.7 billion to cause a trade deficit of of $2.49 billion, compared with $330 million in surplus in the same month last year.

Crude oil imports jumped 98.4 percent, semiconductors 20.3 percent, gas 157.8 percent, petroleum products 330.1 percent and machinery 0.9 percent.

The import gains were largely owed to the recent increase in the international crude prices.

Vehicle imports, however, were down 8.8 percent on year.

Imports from China expanded 37.4 percent, the U.S. 44 percent, the EU 28.1 percent, Japan 21.9 percent, Australia 84 percent and Vietnam 11.5 percent.

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