Seoul: South Korea's exports witnessed a 13.5 percent increase in the first 20 days of September compared to the previous year, fueled by an increased number of working days and strong semiconductor demand, as revealed by recent data.
According to Yonhap News Agency, outbound shipments amounted to $40.12 billion during the period from September 1 to 20, up from $35.36 billion in the same timeframe last year, based on data from the Korea Customs Service. Imports also saw a rise, climbing 9.9 percent year-on-year to $38.22 billion, resulting in a trade surplus of $1.9 billion.
Despite the overall increase in export value, the daily average volume of exports decreased by 10.6 percent year-on-year to $2.43 billion. This decline was attributed to the fact that there were 3.5 more working days in the cited period this year compared to last year's 13 days.
A breakdown by item revealed that semiconductor exports experienced a 27 percent surge from a year earlier, reaching $9.49 billion. These chip exports represented 23.7 percent of South Korea's total exports during this period, marking an increase of 2.5 percentage points from the previous year. Automobile exports increased by 14.9 percent to $3.42 billion, while vessel shipments soared by 46.1 percent to $1.51 billion.
Steel exports rose by 7.1 percent to $2.53 billion, whereas chemical product exports decreased by 4.5 percent to $2.68 billion. In terms of trading partners, exports to China, South Korea's largest trading partner, grew by 1.6 percent year-on-year to $7.77 billion. Meanwhile, shipments to the United States increased by 6.1 percent to $6.55 billion, influenced by the new tariff scheme introduced by U.S. President Donald Trump's administration.
In the preceding month of August, exports-a critical component of South Korea's economic growth-rose by 1.3 percent year-on-year to $58.4 billion, driven by robust demand for semiconductors.