Seoul: South Korea's exports grew 6.8 percent from a year earlier in the first 20 days of this month, mainly on the back of strong global demand for semiconductors, data showed Monday. Outbound shipments reached US$43 billion in the Dec. 1-20 period, compared with $40 billion tallied over the same period last year, according to the data from the Korea Customs Service.
According to Yonhap News Agency, this marks an all-time high for the period, with the previous record set last year. The increase in exports occurred despite U.S. tariff measures, largely due to robust demand for semiconductors. Chip exports alone jumped 41.8 percent on-year to $11.65 billion, making up 27.1 percent of the country's total exports during the cited period.
In contrast, exports of cars dropped 12.7 percent to $3.25 billion, and petroleum exports saw a slight contraction of 1 percent to $2.63 billion. By destination, exports to China rose 6.5 percent to $8.58 billion, while exports to the United States decreased 1.7 percent to $7.87 billion. Meanwhile, exports to the European Union experienced a 14 percent decline on-year to $3.71 billion.
Imports inched up 0.7 percent on-year to $39.2 billion during the period, resulting in a trade surplus of $3.8 billion. In the previous month of November, exports grew 8.4 percent from a year earlier to $61 billion, marking the sixth consecutive month of increase driven by strong semiconductor demand.