S. Korea’s Exports In First 20 Days Of May Up 53.3% On-Year

Preliminary data from the Korea Customs Service on Friday showed, outbound shipments for the first 20 days of May reached 31-point-1 billion U.S. dollars.

That’s an increase of 53-point-3 percent compared to the same period of the previous year.

Daily average exports also rose by over 59 percent on-year, due to fewer working days this year.

Exports of semiconductors, Korea’s flagship export item, climbed 26 percent.

Shipments of automobiles and petroleum products both more than doubled, seeing almost 150 percent growth each.

Overseas sales of wireless communication devices were up 64 percent, and auto parts skyrocketed more than 220 percent.

“As the global economy recovers from the pandemic, South Korea’s exports soared mainly in items that are of high demand in advanced economies, such as automobiles. Higher crude oil prices also raised the total export value of petrochemical products. This trend in exports is expected to continue for some time.”

By country, shipments to China, South Korea’s largest export destination, were up more than 25 percent.

Sales to the U.S. and the EU rose by around 87 percent and 78 percent, respectively.

Exports to Vietnam and Japan also increased, but shipments to the Middle East shrank by 14 percent.

Imports climbed more than 36 percent on-year to almost 31-point-5 billion dollars in the first 20 days of May, resulting in an overall trade deficit of about 348 million dollars over the period.

So far this year, South Korea’s exports have increased over 22 percent, and imports, nearly 20 percent, compared to the same period last year.