Exports grow for 10th month in August on solid sales of chips, autos

Published : Sept 1, 2021 - 10:53 Updated : Sept 1, 2021 - 11:37

(Yonhap)

South Korea's exports have extended their gains to 10 months, jumping 35 percent on the back of robust demand for chips and automobiles, and underpinning recovery momentum in Asia's fourth-largest economy, data showed Wednesday.

Outbound shipments came to $53.2 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports climbed 44 percent to $51.5 billion, resulting in a trade surplus of $1.67 billion. It marked the 16th consecutive month for the country to post a trade surplus.

The August exports came in line with what the market had been expecting.

According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country's August exports were expected to have risen 34.5 percent on-year.

Last week, South Korea's central bank kept this year's economic growth outlook at 4 percent, citing strong outbound shipments.

The country's economy shrank 0.9 percent in 2020. (Yonhap)