Korea’s exports surge 24.6% in early May, driven by strong chip demand

Korea's exports surged 24.6 percent on year during the first 10 days of May, driven by strong global demand for semiconductors, data showed Wednesday.

Containers at the Port of Busan, the largest port in Korea. [YONHAP]

Korea's exports surged 24.6 percent on year during the first 10 days of May, driven by strong global demand for semiconductors, data showed Wednesday.

Outbound shipments reached $18.58 billion in the May 1-10 period, compared to $14.91 billion a year earlier, according to data from the Korea Customs Service.

Per-day exports increased 16.3 percent on year to $2.48 billion. Imports rose 11.3 percent on year to $18.4 billion during the period, resulting in a trade surplus of $200 million.

Exports, a key economic growth driver, have been recovering since late last year following a yearlong downturn.

In August, exports rose 11.4 percent on year to $57.9 billion, marking the 11th consecutive monthly gain, supported by strong demand for semiconductors, according to government data.

Semiconductor sales led the overall export growth, with chip exports jumping 38.8 percent to $3.47 billion during the first 10 days of the month.

Semiconductor exports accounted for 18.7 percent of the country's total exports during the cited period, up 1.9 percentage points from a year earlier amid an industry upturn.

Auto exports increased 12.8 percent to $1.58 billion, while sales of petroleum products grew 5.4 percent to $1.51 billion.

Sales of steel products climbed 21 percent to $1.29 billion, and automotive parts exports rose 24.8 percent to $644 million.

By country, shipments to China grew 16.3 percent to $3.95 billion, while exports to the United States surged 24.6 percent to $3.23 billion.

Exports to the European Union jumped 47.4 percent to $2.1 billion, and shipments to Vietnam rose 13.3 percent to $1.67 billion.

Exports to Japan increased 12.2 percent to $829 million, and shipments to Taiwan and Hong Kong grew 79.2 percent and 24.2 percent, respectively.

The government expects exports to grow 9 percent this year, reaching a record high of more than $700 billion.

BY YOON SEUNG-JIN, YONHAP [yoon.seungjin@joongang.co.kr]