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(LEAD) S. Korea's exports jump 40.9 pct in first 10 days of June

Economy 09:09 June 11, 2021

(ATTN: UPDATES with more detail from para 3)
By Kim Soo-yeon

SEOUL, June 11 (Yonhap) -- South Korea's exports jumped 40.9 percent on-year in the first 10 days of June on the back of robust shipments of chips and autos, customs data showed Friday.

The country's outbound shipments stood at US$17.3 billion in the June 1-10 period, compared with $12.3 billion a year earlier, according to the data from the Korea Customs Service.

Imports rose 31 percent on-year to $17.9 billion, resulting in a trade deficit of $612 million during the cited period, the data showed.

This file photo, taken April 1, 2021, shows ships carrying containers docking at a port in South Korea's southeastern city of Busan. (Yonhap)

By sector, outbound shipments of memory chips, a key export item, rose 37.5 percent on-year, and those of autos soared 136.9 percent despite global supply shortages of automotive chips.

Semiconductors accounted for about 20 percent of exports by South Korea, home to Samsung Electronics Co., the world's largest memory chipmaker, and its smaller rival SK hynix Inc. Autos made up around 7 percent of total exports.

Exports of petroleum products jumped 70.2 percent on-year as oil prices rose amid a global economic recovery. Shipments of telecommunication products increased 18.9 percent, but those of ships fell 29.5 percent.

By country, shipments to China -- South Korea's largest trading partner -- rose 14.2 percent on-year, and those to the United States jumped 63.4 percent.

Asia's fourth-largest economy is on a recovery track, supported by robust exports and reviving consumption.

Exports, which account for half of the economy, jumped 45.6 percent on-year in May to extend their gains to the seventh straight month.

Last year, the country's overseas shipments came to $512.8 billion, down 5.4 percent from the previous year amid the pandemic.

On the back of solid export growth, the Bank of Korea recently revised up its 2021 growth outlook for the Korean economy to 4 percent from its earlier forecast of 3 percent.


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