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South Korea’s exports post double-digit increase for Aug2017

South Korea’s exports post double-digit increase for Aug2017

SEOUL: South Korea’s exports posted a double-digit increase during the Aug. 1-20 period due to demand for semiconductors and oil products, customs data showed Monday.

Exports, which account for about half of the economy, reached 25.1 billion US dollars for the first 20 days of this month, according to the Korea Customs Service.

It was 11.6 percent up from the same period of last year. Demand was strong for locally-made chips and oil products.

The country’s exports kept a double-digit expansion from January this year.

Daily exports averaged 1.73 billion dollars during the Aug. 1-20 period, up 19.3 percent from the same period of last year.

Semiconductor exports jumped 42.4 percent in the cited period, with those for oil products advancing 41.8 percent. Car shipments soared 21 percent.

Exports of ships and telecommunication devices, including smartphones, declined more than 20 percent.

Exports to China and the United States, South Korea’s top two trading partners, increased 7.3 percent and 14.2 percent respectively, with those to Vietnam and the European Union (EU) surging 22 percent and 30.6 percent each.

Imports increased 11.2 percent to 25.5 billion dollars in the same period, sending the trade balance to a deficit of 0.4 billion dollars.