Exports of industrial parts, materials rise in Q1

SEJONG, April 19 (Yonhap) -- Exports of industrial parts and materials increased sharply in the first three months of the year on firm global demand, government data showed Wednesday.

Outbound shipments of industrial parts and materials jumped 11 percent on-year to US$65.8 billion in the January-March period, accounting for 49.7 percent of the country's overall exports, according to the data compiled by the Ministry of Trade, Industry and Energy.

It marked the first double-digit growth since the third quarter of 2013, when shipments hit 13.9 percent.

Imports also rose 10.9 percent on-year to $40.3 billion over the three-month period, with the country posting a trade surplus of $25.5 billion in the sector.

Exports of chemicals soared 24.3 percent on-year to $10.6 billion on the back of rising oil prices, while those of electronic parts rose 19.7 percent to $23.7 billion on brisk overseas sales of semiconductors.

Some $20.1 billion worth of industrial materials and parts were shipped to China over the cited period, up 1.5 percent from a year earlier, despite Beijing's hostile measures against South Korean goods in retaliation for Seoul's plan to deploy the U.S.-led missile defense system, or THAAD.

Meanwhile, exports to the United States inched down 1.8 percent to $6.6 billion over the period.

brk@yna.co.kr
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