Exports surge 53.3% in first 20 days of May

South Korea's exports jumped 53.3 percent on-year in the first 20 days of May on the back of robust demand for chips and automobiles, data showed Friday.

The country's outbound shipments stood at $31.1 billion in the May 1-20 period, compared with $20 billion a year earlier, according to the data from the Korea Customs Service.

Over the period, imports also moved up 36 percent to reach $31.4 billion.

By sectors, South Korea's outbound shipments of chips, the mainstay export product, advanced 26 percent.

Overseas shipments of automobiles more than doubled by advancing 146 percent in line with the global economic recovery. Exports of auto parts more than tripled.

By destinations, exports to China rose 25.2 percent over the period, and those to the United States gained 87.3 percent. The two countries represent around 40 percent of South Korea's total outbound shipments.

Exports to the European Union gained 78.1 percent, and those to Vietnam, the largest trading partner of Southeast Asia, increased 61 percent.

South Korea's exports jumped 41.1 percent in April on-year, also led by chips and autos. It marked the sharpest on-year monthly growth since January 2011.

In 2020, the country's outbound shipments came to $512.8 billion, down 5.4 percent from 2019 due to the economic fallout from the COVID-19 pandemic. (Yonhap)