Data released by the Korea Customs Service on Wednesday indicated that South Korea’s exports witnessed a 5.4% year – on – year increase in the first 10 days of June, fueled by robust demand for semiconductors and automobiles.
From June 1st to 10th, the total value of South Korean export goods amounted to $15.47 billion, up from $14.68 billion in the same period last year. During this time, the average daily export volume grew by 15% compared to the previous year. It’s worth noting that the number of working days during this period was 5.5 days, as opposed to 6 days last year.
On the import side, there was an 11.5% year – on – year increase, with imports reaching $17.18 billion. This led to a trade deficit of $1.7 billion for the period.
Product – Level Breakdown
By product category, semiconductors played a significant role in the export growth. The export value of semiconductors stood at $3.62 billion, representing a 22% increase compared to the same period last year. Semiconductors accounted for 23.5% of the total export volume, a rise of 3.2 percentage points from the previous year.
Automobile exports also showed strong performance, with a value of $1.3 billion, increasing by 8.4% year – on – year. Ship exports reached $896 million, rising by 23.4% compared to the same period last year. However, petroleum product exports declined by 20.5% year – on – year, amounting to $1.11 billion.
Export Destinations Analysis
In terms of export destinations, South Korea’s exports to China increased by 2.9% to $3.06 billion. Exports to the European Union rose by 14.5% to $1.5 billion, and exports to the United States also saw a 3.9% increase, reaching $2.95 billion.
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