South Korea's exports rose in October compared with a year ago on upbeat sales of memory chips and petrochemical products, government data showed Thursday.
Outbound shipments reached $54.97 billion last month, a 22.7 percent surge from a year ago and the second-highest monthly figure since September 2017, according to the data compiled by the Ministry of Trade, Industry and Energy.
Imports jumped 27.9 percent on-year to $48.42 billion in October, resulting in a trade surplus of $6.55 billion, the ministry said.
This marks 81 straight months in which the country's exports have exceeded imports.
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(Yonhap) |
The nation's accumulated exports exceeded $500 billion as of Oct. 29. This is the shortest time the milestone has been recorded for any given year, the ministry said.
Shipments of semiconductors jumped 22.2 percent to $11.59 billion last month on robust sales of high-value memory chips and storage devices in major markets.
The accumulated sales of memory chips surpassed $100 billion on Oct. 16, already breaking last year's annual record of $97.9 billion.
Overseas sales of petroleum goods soared 42.9 percent to a record high of $4.49 billion, aided by strong demand and rising oil prices.
Exports of general machinery vaulted 51.7 percent to $4.99 billion, also an all-time high, thanks to large infrastructure projects in emerging economies.
In contrast, sales of displays fell 7.9 percent to $2.29 billion over the period, affected by falling prices of liquid crystal display panels amid weak demand for TVs.
Shipments of wireless communication equipment dipped 18.2 percent to $1.66 billion due to increased production in overseas factories and falling demand for new smartphones.
By country, exports to China, South Korea's top trading partner, rose a solid 17.7 percent on-year on the back of memory chips, petrochemicals and machinery products.
Sales in the US skyrocketed 47.8 percent, helped by strong demand for new SUVs, general machinery and wireless communication equipment.
The Seoul government said the strong global demand in the manufacturing and heavy industry sectors, as well as rising oil prices, will positively affect the nation's exports for the time being.
However, the protracted trade disputes between Washington and Beijing and the rising volatility in the financial market in the wake of the US interest rate adjustments remain downside risks, it noted.
"October export figures surpassed $50 billion for the sixth consecutive month, despite the tough business environment at home and abroad," Industry Minister Sung Yun-mo said in a release.
"We will actively respond to the rising protectionism in global trade and diversify the export markets and items to keep the growth momentum going through next year." (Yonhap)
