Seoul: South Korea's exports increased by 9.5 percent year-on-year in the first 10 days of July, data revealed on Friday. Outbound shipments amounted to US$19.4 billion during the July 1-10 period, compared with $17.72 billion recorded a year earlier.
According to Yonhap News Agency, the Korea Customs Service data indicated that the daily average volume of exports rose by 9.5 percent on-year to $2.28 billion. Imports also experienced an increase, rising 1.8 percent on-year to $19.99 billion, resulting in a trade deficit of $594 million for the period.
The growth in exports was primarily fueled by strong demand for semiconductors and automobiles. Exports of semiconductor chips rose 12.8 percent from a year earlier, reaching $3.83 billion. These exports made up 19.7 percent of South Korea's total exports during the 10-day period, marking a 0.6 percentage point increase from the same period last year.
Automobile exports saw a significant rise of 13.3 percent on-year to $1.8 billion, while shipments of vessels surged by 134.9 percent to $889 million. Additionally, exports of steel products increased by 4.1 percent to $1.29 billion, although petrochemical product exports decreased by 1.9 percent to $1.39 billion.
In terms of export destinations, shipments to China, South Korea's largest trading partner, rose 6.2 percent to $3.74 billion. Exports to the United States grew by 6.1 percent on-year to $3.43 billion, despite new tariff measures imposed by Washington. Shipments to the European Union and Vietnam also saw increases of 3.6 percent and 2.2 percent on-year, respectively.
In the previous month of June, exports increased by 4.3 percent from a year earlier, reaching $59.8 billion, which marked the highest June figure on record, driven by robust global demand for semiconductors.