South Korea Posts 7.6 Percent Growth in Exports
(MENAFN) South Korea’s exports posted a robust single-digit growth of 7.6% in the first 20 days of August, fueled by strong global demand for domestically produced semiconductors, automobiles, and ships, according to data released Thursday by the Korea Customs Service.
Outbound shipments reached $35.5 billion during August 1-20, compared to the same period last year.
Semiconductor, automobile, and ship exports all surged in double digits, while exports of oil products and mobile devices declined during the period.
Shipments to the United States fell 2.7%, impacted by U.S. tariffs, but exports to the European Union (EU) and Vietnam rose in the single digits.
Imports rose modestly by 0.4% to $34.7 billion in the first 20 days of August, resulting in a trade surplus of $800 million.
Imports of chips, natural gas, and machinery saw single-digit increases, whereas oil products and crude oil imports contracted during the period.
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