Seoul: South Korea's exports increased by 5.4 percent year-on-year in the first ten days of June, fueled by robust demand for semiconductors and automobiles, as indicated by recent data.
According to Yonhap News Agency, outbound shipments during the June 1-10 period reached US$15.47 billion, compared to $14.68 billion recorded in the same period last year. The Korea Customs Service provided these figures, highlighting a 15 percent year-on-year jump in the daily average volume of exports. During this period, there were 5.5 working days, slightly fewer compared to 6 days last year.
Imports rose by 11.5 percent year-on-year to $17.18 billion, resulting in a trade deficit of $1.7 billion. Exports of semiconductors surged 22 percent from a year earlier to $3.62 billion, making up 23.5 percent of South Korea's total outbound shipments, a 3.2 percentage point increase from last year. Automobile shipments increased by 8.4 percent to $1.3 billion, while shipbuilding exports skyrocketed by 23.4 percent to $896 million. However, sales of petroleum products fell 20.5 percent to $1.11 billion.
By export destination, shipments to China, South Korea's top trading partner, rose 2.9 percent to $3.06 billion. Exports to the European Union increased by 14.5 percent to $1.5 billion, and shipments to the United States grew by 3.9 percent to $2.95 billion. A customs agency official noted the uncertainty of whether the upward trend in monthly exports would persist.
In contrast, May saw a 1.3 percent decline in exports to $57.3 billion year-on-year, breaking a three-month winning streak. This decline was attributed largely to reduced shipments to the United States, impacted by tariff measures implemented by U.S. President Donald Trump.