S. Korea’s exports up 25pct on year in first 10 days of April

13-Apr-2021 Intellasia | PulseNews | 5:02 AM Print This Post

South Korean exports expanded nearly 25 percent in the first 10 days of April against a year ago on robust demand for wireless telecommunications devices and petrochemical products, keeping to double-digit rebound in external trade.

According to data released by the Korea Customs Service on Monday, the country’s exports totalled $15.04 billion in the first 10 days of April, up 24.8 percent from the same period a year ago. Daily exports surged 32.6 percent to $1.88 billion during the same period, based on 8 working days, 0.5 days shorter than a year ago.

Korea’s outbound shipments fell by double digits from March to August last year as the Covid-19-led environment hit global demand before rebounding in September. Korean exports picked up in November after falling 3.6 percent on year in October and jumped 12.6 percent in December, 11.4 percent in January, 9.5 percent in February, and 16.6 percent in March.

The surge in exports in the first 10 days of April was driven by solid demand for the country’s mainstay export items such as wireless communications devices (52.5 percent), petrochemical products (35.2 percent), automobiles (29.8 percent), and semiconductors (24.8 percent). Korea’s exports of computer-related equipment, however, fell 5.4 percent over the cited period.

By region, exports to Vietnam surged 45.6 percent, China 27.6 percent, the United States 22.6 percent, European Union 12.8 percent, and Japan 3 percent, while those to the Middle East fell 11.7 percent.

Imports in the first 10 days of April also gained 14.8 percent to $16.69 billion from a year ago, leading to a trade deficit of $1.65 billion.

Imports of petrochemical products gained 57.9 percent, crude oil 43.8 percent, automobiles, 11.5 percent, and machinery 4.8 percent while those of gas and semiconductors fell 33.6 percent and 1.6 percent respectively.

By country, inbound shipments from the US increased 36.5 percent, Australia 33.1 percent, the Middle East 18 percent, Vietnam 16.3 percent, European Union 8.3 percent, and Japan 4 percent. Imports from China fell 0.4 percent.



Category: Korea

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