Seoul: South Korea's exports increased by 8.3 percent from the previous year in the first 20 days of June, driven by a strong demand for semiconductors, data revealed on Monday. Outbound shipments reached $38.67 billion in the June 1-20 period, up from $35.69 billion during the same timeframe last year, as reported by the Korea Customs Service.
According to Yonhap News Agency, the daily average volume of exports rose by 12.2 percent year-on-year during the cited period. The number of working days stood at 14, slightly fewer than the 14.5 days recorded last year. Imports saw an increase of 5.3 percent year-on-year, amounting to $36.1 billion, which resulted in a trade surplus of $2.6 billion.
Breaking down the data by item, exports of semiconductors surged 21.8 percent on-year to $8.85 billion. These exports constituted 22.9 percent of South Korea's total exports during this period, marking a 2.5 percentage point increase from the same period last year. Automobile exports witnessed a 9.2 percent increase to $3.65 billion, while vessel shipments skyrocketed by 47.9 percent to $1.58 billion.
In terms of export destinations, shipments to the United States and the European Union increased by 4.3 percent and 23.5 percent year-on-year, respectively. However, exports to China, South Korea's largest trading partner, declined by 1 percent during the same period.
A customs agency official commented that semiconductor exports saw significant growth due to rising unit prices, and passenger car shipments particularly increased to Europe. The official noted that the growth in chip exports seems to be continuing as U.S. tariffs have not yet been fully enforced.
In contrast, May saw a 1.3 percent decline in exports from the previous year, totaling $57.3 billion, marking the end of a three-month streak of increasing exports. This decline was largely attributed to a sharp decrease in shipments to the United States, driven by tariff measures imposed by U.S. President Donald Trump.