Korea’s July 1-20 exports up 18.8% on year on strong chip demand

[Photo by Kim Ho-young]

South Korea’s exports rose by nearly 20 percent in the first 20 days of July, led by robust chip sales data showed on Saturday.

According to the Korea Customs Service, the country’s outbound shipments rose 18.8 percent on year to $37.17 billion between July 1 and 20.

Average daily exports gained 11.6 percent when counting the difference in working days.

By item, chip exports surged 57.5 percent in the first 20 days of July from a year ago while car exports gained 1.8 percent and oil 28.4 percent, data showed.

By destination, exports to the United States jumped 13.4 percent during the cited period and those to China increased 20 percent.

Imports stood at $37.2 billion in the first 20 days of July, up 14.2 percent from last year, resulting in a trade deficit of $50 million.

Imports of crude oil surged 40 percent in the first 20 days of July from the same period last year while those of chips soared 15.5 percent and gas 31.1 percent.

Imports of chip manufacturing equipment, on the other hand, fell 3.6 percent and those of coal 29.9 percent.