Korea‘s June 1-20 exports up 8.5% on strong chip demand

[Photo by Yonhap]

South Korea’s exports rose by nearly 9 percent in the first 20 days of June from a year ago on robust demand for chips.

According to data from the Korea Customs Service on Friday, the country’s exports totaled $35.75 billion in June 1-20, up 8.5 percent from the same period a year earlier.

The daily average exports in June also rose by 8.5 percent when taking into account the number of working days, which was the same as in 2023.

Monthly exports have been on an upward trend for an eighth consecutive month in May 2024 from October 2023. The momentum is expected to continue for the month of June.

By product, semiconductor exports increased by 50.2 percent, petroleum product exports 6 percent, and wireless communication devices exports 10 percent.

Exports of passenger cars, on the other hand, fell by 0.4 percent, steel products by 4.3 percent, and ships by 40.3 percent.

By country, exports to the United States grew by 23.5 percent, China by 5.6 percent, and Vietnam by 30.7 percent, while exports to the European Union (EU) declined by 7.3 percent.

Imports during the first 20 days of June decreased by 0.6 percent to $34.23 billion.

Imports of semiconductor manufacturing equipment fell by 16.3 percent, coal by 28.8 percent, and passenger cars by 44.1 percent.

[Graphics by Song Ji-yoon]

By country, imports from China fell by 0.8 percent, the EU by 7.2 percent, and Japan by 12.6 percent.

Korea’s trade surplus stood at $1.52 billion in the first 20 days of June, which is comparable to a deficit of $321 million during the same period in May.

“Major export items such as semiconductors, petroleum products, and wireless communications posted positive growth rates thanks to the recovery of the information technology (IT) industry and the improvement in the economies of major countries,” said an official from the Ministry of Trade, Industry and Energy. “Although there are 1.5 fewer working days remaining until the end of the month, we expect the positive export trend and the trade surplus to expand further in June.“