Seoul: South Korea's exports experienced a slight increase in the first ten days of February compared to the previous year, driven by robust demand for semiconductors and automobiles, as indicated by recent data.
According to Yonhap News Agency, data from the Korea Customs Service revealed that outbound shipments reached $14.9 billion in the February 1-10 period, marking a 0.8 percent rise from $14.8 billion during the same period last year. Imports also saw a growth of 0.3 percent year-on-year to $17.1 billion, resulting in a trade deficit of $2.2 billion.
The daily average volume of exports declined by 6.4 percent year-on-year over the cited period, despite an increase in the number of working days to seven from 6.5 days a year earlier. Cho Ik-no, an official from the industry ministry, noted that the trade deficit in early February is temporary and attributed to the concentration of imports at the beginning of the month. Cho expressed optimism that exports would turn positive for February as a whole, with the trade balance expected to shift back to a surplus, driven by semiconductor performance.
In January, exports had decreased for the first time in 16 months, largely due to fewer working days caused by the extended Lunar New Year holiday. By sector, semiconductor exports rose by 1.8 percent year-on-year to $2.8 billion in early February, indicating an upswing in the semiconductor industry. Automobile shipments surged by 27.1 percent year-on-year to $1.4 billion, while outbound shipments of petroleum products fell by 22.3 percent to $1.1 billion.
Regarding export destinations, shipments to China, South Korea's top trading partner, increased by 4.5 percent to $2.95 billion. In contrast, exports to the United States decreased by 8.6 percent year-on-year to $2.6 billion.