Korean exports up nearly 20% through mid-August

[Photo by Kim Ho-young]

South Korea’s exports surged by nearly 20 percent through mid-August 2024, largely driven by strong semiconductor sales, and the positive trend expected to continue throughout the month.

According to the Korea Customs Service on Wednesday, the country’s export value from August 1st to 20th amounted to $33.12 billion, up 18.5 percent from a year earlier. Daily average exports, adjusted for the number of working days, also rose by 18.5 percent and the number of working days during this period was 14.5, the same as 2023.

Korea’s monthly exports have been on the rise for 10 consecutive months from October 2023 through July 2024 and are expected to continue the positive trend in August as well.

By sector, semiconductor exports saw a significant jump of 42.5 percent, the ninth consecutive month of double-digit growth in semiconductor exports since the sector began recovering in November 2023. Other sectors that saw increases include petroleum products (11.7 percent), passenger vehicles (7.9 percent), and ships (79 percent).

Exports to key countries also increased, with shipments to China up 16.3 percent, the United States up 18 percent, and the European Union up 18.6 percent. Korean exports to China totaled $6.82 billion to surpass exports to the United States, which stood at $5.19 billion.

Imports during the same period came to $34.59 billion, up 10.1 percent. The increase was driven by imports of crude oil (12.5 percent), semiconductors (26.5 percent), and gas (23.7 percent). Imports from China (8.1 percent), the United States (14.9 percent), and the European Union (9.2 percent) also grew.

The trade balance recorded a deficit of $1.47 billion during the period, up from the previous year’s $383 million deficit. However, Korea has maintained a trade surplus for 14 consecutive months up until July 2024.