Korea’s May 1-20 exports up 1.5% on year on strong chip demand

[Graphics by Song Ji-yoon]

South Korea‘s exports rose 1.5 percent in the first 20 days of May from the same period a year ago on the back of strong demand for chips, data showed on Tuesday.

According to the Korea Customs Service, Korea’s outbound shipment amounted to $32.75 billion in May 1-20, up 1.5 percent from the same period a year ago.

Average daily exports rose 17.7 percent based on 12.5 working days versus 14.5 working days a year ago.

On a monthly basis, exports increased for seven consecutive months from October last year to April.

Semiconductor exports surged by 45.5 percent, with other products also witnessing gains, including petroleum products, ships, and computer devices.

Exports of passenger vehicles and steel products, on the other hand, declined.

By destination, exports to China rose 1.3 percent in the first 20 days of May from a year ago while those to the United States gained 6.3 percent.

Exports to the European Union (EU) and Japan, however, were down by 11.8 percent and 4.8 percent, respectively.

Imports in the first 20 days of May fell 9.8 percent to $33.05 billion, leading to a trade deficit of $304 million.

Imports of crude oil fell 4.2 percent in the first 20 days of May from a year ago, gas 7.1 percent, and machinery 21.1 percent.

By country, imports from China fell 8.3 percent, EU 14.1 percent, and Japan 9.5 percent.