South Korea's exports rose 11.2 percent on-year in the first 10 days of January on the back of strong chip sales and the rising demand from China, data showed Thursday. Outbound shipments reached US$15.44 billion in the Jan. 1-10 period, compared with $13.89 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports increased 11.2 percent on-year to $2.06 billion. Imports decreased 8.3 percent on-year to $18.45 billion during the period, resulting in a trade deficit of $3.02 billion. After a yearlong downtrend, exports have logged on-year monthly gains from October last year. In December, exports went up 5.1 percent, though they fell 7.4 percent to come to $632.6 billion for the whole 2023. This month's exports growth came as chip sales surged 25.6 percent on-year to $2.57 billion during the cited period. Exports of semiconductors accounted for 16.7 percent of the country's total exports, up from 14.8 percent a year earlier. On a monthly basis, semiconductor exports have grown for two months in a row from November following a 15-month decline due to the industry downcycle. Exports of petroleum products also climbed 20.1 percent on-year to $1.57 billion during the first 10 days of January, and those of vehicles added 2.2 percent to $1.3 billion. Sales of steel products went up 5.9 percent to $1.06 billion, and the shipbuilding industry saw sales spike 182.9 percent to $1 billion during the cited period. By destination, exports to China grew 10.1 percent to $3.24 billion. It was the first time since May 2022, when exports to China logged on-year growth for the first 10 days of that month. Exports to China had been on a constant fall on a monthly basis since June 2022, and China was overtaken by the United States as South Korea's top export market for the first time in about 20 years last month. Exports to the United States also increased 15.3 percent on-year to $2.64 billion during the Jan. 1-10 period, and those to the European Union gained 16.2 percent to $ 1.66 billion. But shipments to Vietnam fell 4.6 percent to $1.32 billion. "Exports are expected to maintain upward momentum on brisk sales of semiconductors, vehicles and ships, among other items. The government will extend support to further prop up exports for our economic recovery," an industry ministry official said. The government expected exports, a key economic growth engine, to advance 8.5 percent this year to reach a record high of over $700 billion. Source: Yonhap News Agency
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