Korea’s exports up 3.2% in Nov.1-10 on strong chip demand

[Photo by Yonhap]

South Korea’s exports remained robust in the first 10 days of November, thanks to strong semiconductor exports.

According to data released by the Korea Customs Service on Monday, the country’s exports between November 1 and 10 reached $18.2 billion, up by 3.2 percent from the same period last year.

Daily exports rose by 3.2 percent on year based on 8.5 working days, unchanged from a year ago.

Outbound shipments of chips jumped 1.3 percent in the first 10 days of November, breaking a 15-month downward trend.

Korea’s monthly exports gained in October after a year-long decline.

Imports in the first 10 days of November rose 1.2 percent to $19.98 billion, resulting in a trade deficit of $1.74 billion, narrowing from the previous month’s $5.39 billion.

On a monthly basis, Korea’s trade balance has been in the surplus for five consecutive months. The cumulative trade deficit stands at $19.85 billion.