Korea’s exports up 9.5 per cent during the first 10 days of July

The Republic of Korea’s exports gained 9.5 per cent from a year earlier in the first 10 days of July, data showed Friday.

Outbound shipments reached $19.4 billion in the 1st to 10th July period, compared with $17.72 billion tallied a year earlier, according to the data from the Korea Customs Service.

The daily average volume of exports advanced 9.5 per cent on-year to $2.28 billion. Imports went up 1.8 per cent on-year to $19.99 billion over the cited period, resulting in a trade deficit of $594 million, the data showed.

The rise in exports was driven by strong demand for semiconductors and automobiles.

Exports of chips climbed 12.8 per cent from a year earlier to $3.83 billion. Semiconductor exports accounted for 19.7 per cent of the country’s total exports in the 10-day period, up 0.6 percentage point from the same period last year.

Automobile exports jumped 13.3 per cent on-year to $1.8 billion, while shipments of vessels spiked 134.9 per cent to $889 million.

Exports of steel products added 4.1 per cent to $1.29 billion, while those of petrochemical products shed 1.9 per cent to $1.39 billion.

By destination, exports to China, Korea’s top trading partner, went up 6.2 per cent to $3.74 billion. Exports to the United States also increased 6.1 per cent on-year to $3.43 billion despite Washington’s new tariff measures. Shipments to the European Union and Vietnam rose 3.6 per cent and 2.2 per cent on-year, respectively.

In June, exports rose 4.3 per cent from a year earlier to $59.8 billion, marking the highest for any June, on the back of strong global demand for semiconductors, government data showed.

The Republic of Korea’s exports rose 4.3 per cent from a year earlier in June thanks to strong global demand for semiconductors, marking a turnaround from an on-year drop the previous month, government data showed Tuesday.

Outbound shipments came to US$59.8 billion last month, according to data compiled by the Ministry of Trade, Industry and Energy.

Imports added 3.3 per cent on-year to $50.72 billion, resulting in a trade surplus of $9.08 billion, Yonhap News Agency reported.

Semiconductor exports jumped 11.6 per cent on-year to reach an all-time high of $14.97 billion in June.

The Republic of Korea’s exports went up 8.3 per cent from a year earlier in the first 20 days of this month on solid demand for semiconductors, data showed.

Outbound shipments reached $38.67 billion in the 1st to 20th June period, compared with $35.69 billion tallied over the same period last year, according to the data from the Korea Customs Service.

Yonhap News Agency reported that the daily average volume of exports increased 12.2 per cent on-year over the cited period. The number of working days during this period stood at 14, compared with 14.5 days last year.

Imports increased 5.3 per cent on-year to $36.1 billion during the period, resulting in a trade surplus of $2.6 billion.

By item, exports of semiconductors surged 21.8 per cent from a year earlier to $8.85 billion. Chip exports accounted for 22.9 per cent of the country’s total exports over the cited period, up 2.5 percentage points from the same period last year.

Automobile exports gained 9.2 per cent on-year to $3.65 billion, while shipments of vessels jumped 47.9 per cent to $1.58 billion.

By destination, exports to the United States and the European Union rose 4.3 per cent and 23.5 per cent on-year, respectively. However, exports to China, Korea’s top trading partner, slipped 1 per cent during the same period.

 The Republic of Korea’s central bank kept its benchmark interest rate unchanged Thursday to ensure financial stability amid concerns about rapid increases in housing prices and household debt.

In a widely expected decision, the Monetary Policy Board of the Bank of Korea (BOK) held its key rate steady at 2.5 per cent during a rate-setting meeting in Seoul.

The move followed a rate cut in May, when the BOK lowered the policy rate by 25 basis points to support economic growth amid sluggish domestic demand and uncertainty stemming from the United States’ sweeping tariff measures.

The decision underscores the BOK’s focus on maintaining financial stability, despite ongoing pressure to support economic growth, according to Yonhap News Agency.

Meanwhile South Korea’s exports increased 1 per cent last month from a year earlier, rebounding from a decrease the previous month, thanks to an increase in overseas sales of computers and automobiles, data showed Saturday.

Outbound shipments came to $52.6 billion last month, compared with $52.1 billion a year ago, according to data compiled by the Ministry of Trade, Industry and Energy, and published by Yonhap.

Imports rose 0.2 per cent on-year to $48.3 billion, resulting in a trade surplus of $4.3 billion.

WAM