Exports up 3% in first 10 days of April

South Korea's exports rose 3 percent in the first 10 days of April from a year earlier on the back of demand for chips and petroleum products, customs data showed Monday.

The country's outbound shipments stood at $15.3 billion in the April 1-10 period, compared with $14.9 billion a year earlier, according to the data from the Korea Customs Service.

Imports gained 12.8 percent on-year to $18.9 billion, resulting in a trade deficit of $3.52 billion during the cited period, the data showed.

By sector, outbound shipments of memory chips, a key export item, rose 14.2 percent on-year. Semiconductors accounted for about 20 percent of South Korea's exports.

Exports of petroleum products surged 97 percent on-year as Russia's invasion of Ukraine has jacked up oil prices amid concerns about supply disruptions. South Korea heavily relies on imports for most of its energy needs.

Meanwhile, exports of autos fell 13.1 percent on-year amid a global shortage of auto chips. Autos accounted for some 7 percent of South Korea's exports.

By country, shipments to the United States rose 4 percent and exports to Vietnam climbed 15.2 percent. But those to China and Japan declined 3.4 percent and 11.2 percent, respectively.

Asia's fourth-largest economy has been on a recovery path on the back of robust exports.

Exports, which account for half of the economy, gained 18.2 percent on-year in March to hit an all-time monthly high on brisk demand for chips and petroleum products, according to the trade ministry.

But surging energy costs also pushed up the country's imports to a record high in March. This led the country to post a trade deficit of $140 million.

The Bank of Korea forecast the South Korean economy will grow 3 percent this year after a 4 percent expansion last year. The finance ministry expects the Korean economy to grow 3.1 percent in 2022. (Yonhap)