Seoul: South Korea's exports rose 23.5 percent year-on-year in the first 20 days of February, driven by robust semiconductor demand, according to data released by the Korea Customs Service.
According to Yonhap News Agency, outbound shipments totaled US$43.5 billion from February 1-20, compared to $35.2 billion during the same period last year. This represents the highest level for the period, as semiconductor exports more than doubled amid a surge fueled by increasing demand for artificial intelligence (AI) technologies.
Imports also saw growth, increasing 11.7 percent year-on-year to $38.6 billion, resulting in a trade surplus of $4.9 billion. The average daily export volume increased by 47.3 percent on-year, even as the number of working days reduced by 2.5 days to 13 days compared to the previous year.
A closer look at export items reveals that semiconductor exports surged 134.1 percent to $15.1 billion, accounting for 34.7 percent of South Korea's total exports during the period, up 16.4 percentage points from last year. Exports of petroleum products rose 10.5 percent to $2.9 billion, while shipments of vessels increased 22.7 percent to $1.3 billion. On the downside, automobile exports fell 26.6 percent year-on-year to $2.6 billion.
In terms of export destinations, shipments to China, South Korea's largest trading partner, increased 30.8 percent year-on-year to $8.7 billion. Exports to the United States rose 21.9 percent to $8 billion, despite tariff policies implemented by the administration of U.S. President Donald Trump.
In the previous month, South Korea's exports grew 33.9 percent year-on-year to $65.85 billion, similarly driven by strong semiconductor demand, according to the data.