South Korea’s exports soar over 40%
South Korea’s exports jumped 44.2 percent on-year during the first 10 days of May on the back of brisk sales of chips and autos, customs data showed on Friday.
The country’s outbound shipments reached $13.9 billion in the May 1-10 period, according to the data from the Korea Customs Service, Yonhap reported.
The customs office said that daily average exports, which reflect working days, grew 8.2 percent on-year to $2.32 billion compared to a year earlier.
By product, outbound shipments of semiconductors surged 63.3 percent, with those of autos rising 187.5 percent.
On the other hand, ship exports plunged 71.2 percent, the data showed.
Exports to China, the US and the European Union shot up 42.9 percent, 61.4 percent, and 67.6 percent on-year, respectively.
Imports advanced 23.3 percent to $14.1 billion, resulting in a trade deficit of around $180 million, the data showed.
The country’s exports retreated in April from a year earlier, marking the first dip in 18 months, largely due to a base effect.
Outbound shipments reached $50.06 billion last month, down from $50.84 billion a year ago, while imports surged 14.5 percent on-year to $43.45 billion.
The government said earlier last month’s outbound shipments decreased compared with a year earlier as local shipyards exported offshore facilities worth a huge $5.45 billion in April last year and companies pushed out exports ahead of the various holidays in early May 2017.