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Korean exports hit 13th straight month of growth, boosted by semiconductor surge

Published: 01 Nov. 2024, 09:49 Updated: 01 Nov. 2024, 16:01

Shipping containers at a port in the southeastern city of Busan on Sept. 30 [YONHAP]

Korea's exports extended on-year gains to the 13th straight month in October, data showed Friday, on the back of the robust performance of semiconductors.

Outbound shipments rose 4.6 percent on year to $57.5 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports added 1.7 percent on year to $54.3 billion, resulting in a trade surplus of $1.62 billion. Korea has been maintaining a trade surplus for 17 consecutive months.

Exports of semiconductors jumped 40.3 percent to $12.5 billion, marking a new high for any previous October and achieving on-year growth for 12 consecutive months, the data showed.

The ministry attributed the sharp growth to increasing demand for premium chips, driven by global companies' investments in artificial intelligence servers.

Outbound shipments of computers also maintained on-year gains for 10 consecutive months, rising 54.1 percent to $1 billion. Exports of mobile devices increased 19.7 percent to $2 billion over the period.

Exports of mobile devices increased 19.7 percent to $2 billion over the period, supported by stronger demand for premium models.

Automobile exports rose 5.5 percent to $6.2 billion, logging the highest amount for any October, the data also showed.

Other major winners included steel and petrochemical products, which advanced by 8.8 percent and 10.2 percent, respectively.

Outbound shipments of petrochemical products rose 10.2 percent to $3.98 billion, driven by the operation of new facilities despite declining global oil prices.

By destination, exports to China grew 11 percent to $12.2 billion, marking the highest level since the $13.3 billion posted in September 2022.

Shipments to the United States rose 3.4 percent to $10.4 billion, setting a new monthly high for the 15th consecutive month.

Exports to the European Union added 5.7 percent to 5.3 billion won, supported by demand for biosimilars and mobile devices.

"We will make efforts to maintain this momentum through the end of the year to achieve a record annual performance," Industry Minister Ahn Duk-geun said in a statement.

Outbound shipments decreased 7.4 percent on year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties.

Updated, Nov. 1: Added drivers of growth for certain products, export regions.

Yonhap