South Korean customs data revealed a record jump in the country's exports during the first ten days of August, rising by 45.3% year-on-year to reach US$21.3 billion.
Imports during the same period rose by 23.1% to $19.5 billion, resulting in a trade surplus of $1.8 billion, indicating the continued positive performance of the Korean external sector despite global economic challenges.
According to the breakdown of sectors, memory chips topped the list of exports, achieving a huge jump of 155.4% to reach $9.95 billion, representing 46.8% of total exports, an increase of 20.1 percentage points from the previous year, confirming Korean dominance in the global semiconductor market.
Exports of petroleum products also recorded strong growth of 65.3% to reach $1.99 billion, while shipments of cars saw a sharp decline of 80.9% to reach only $182 million, reflecting a shift in the structure of Korean exports towards high-value technology products.
As for destinations, exports to China more than doubled to $6.7 billion, while exports to Vietnam jumped 45.4% to $2.39 billion, while exports to the United States declined slightly by 0.2% to $2 billion.
South Korea’s cumulative exports as of Monday this year amounted to $616.3 billion, a 50.3% increase over the previous year, resulting in a total trade surplus of $169.5 billion, a performance that reflects the resilience of the Korean economy and its ability to adapt to international changes.
Win
ReplyDelete