FINANCE

Exports jump 63.5% in first 10 days of Oct.

By Yonhap
  • Published : Oct 12, 2021 - 09:21
  • Updated : Oct 12, 2021 - 09:58

This file photo, taken Oct. 1, 2021, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)
South Korea's exports jumped 63.5 percent on-year in the first 10 days of October on the back of robust demand for chips, petroleum products and autos, customs data showed Tuesday.

The country's outbound shipments stood at $15.2 billion in the Oct. 1-10 period, compared with $9.28 billion a year earlier, according to the data from the Korea Customs Service.

Imports increased 58.6 percent on-year to $17.6 billion, resulting in a trade deficit of $2.46 billion during the cited period, the data showed.

By sector, outbound shipments of memory chips, a key export item, rose 22 percent on-year and those of autos jumped 51.5 percent.

Semiconductors accounted for about 20 percent of exports by South Korea, home to Samsung Electronics Co., the world's largest memory chip maker, and its smaller rival SK hynix Inc. Autos made up around 7 percent of total exports.

Exports of petroleum products soared 206.6 percent in the cited period as oil prices remained high amid the global economic recovery.

By country, shipments to China -- South Korea's largest trading partner -- rose 40.2 percent on-year, and those to the United States jumped 77.1 percent.

The South Korean economy is on a recovery track on the back of robust exports.

Exports, which account for half of the economy, grew 16.7 percent on-year in September, extending their gains to the 11th straight month.

The Bank of Korea forecast Asia's fourth-largest economy to grow 4 percent this year. The government forecast economic growth of 4.2 percent. (Yonhap)