Korea’s Exports Rise 8.3% in June on Strong Chip Demand

Post by : Bianca Suleiman

Photo: WAM

South Korea’s exports grew by 8.3% in the first 20 days of June compared to the same time last year. This increase was mainly because of strong sales of semiconductors, also known as computer chips. These numbers were shared on Monday by the Korea Customs Service.

From June 1 to June 20, South Korea sold goods worth $38.67 billion to other countries. That’s more than last year’s $35.69 billion during the same time. The average amount of exports each day also went up by 12.2% compared to last year.

There were 14 working days during this period, slightly fewer than the 14.5 working days last year. Still, export numbers were strong.

South Korea’s imports — the things the country bought from other nations — also grew by 5.3%, reaching $36.1 billion. Because exports were more than imports, the country had a trade surplus of $2.6 billion. That means they earned more money from exports than they spent on imports.

Looking at the products:

• Semiconductor exports went up by a big 21.8%, bringing in $8.85 billion. Chips made up 22.9% of all exports — a jump from last year’s 20.4%.

• Cars were also a strong point, with exports increasing by 9.2% to $3.65 billion.

• Ships and vessels saw the biggest rise, with exports jumping 47.9% to $1.58 billion.

As for where South Korea sent its goods:

• Exports to the United States rose by 4.3%.

• Exports to the European Union went up by 23.5%.

• However, exports to China, South Korea’s biggest trade partner, fell by 1%.

In short, South Korea’s economy is doing well so far this June, with semiconductors leading the way and helping the country earn more money through global trade.