Korea's exports jump 16.4% in first 10 days of Aug.

South Korea's exports expanded more than 16 percent in the first 10 days of the month from a year earlier on the back of increased business days and rising demand for chips and auto parts, customs data showed Thursday.

Outbound shipments totaled US$9.7 billion from Aug. 1-10, up 16.4 percent from the same period last year, according to the Korea Customs Service.

Exports of semiconductors jumped 18.8 percent on-year and those of automobile components soared 41.3 percent over the cited period.

The on-year increase is largely derived by more working days than the previous year, as this year has 8.5 business days, 1.5 days more than a year earlier.

Without such effect, the latest 10-day figure virtually represents a 4.2 percent on-year fall, raising concerns that the monthly exports will post negative growth again in August, extending its losing streak to 20 straight months.

Asia's fourth-largest economy has suffered declines in its exports every single month since January last year, hit by a drawn-out slump in demand and fall in oil prices.

Experts forecast that South Korea's exports will be further dragged down by still-low oil prices and a strengthening Korean currency, which hit a 14-month high on Wednesday. (Yonhap)