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Semiconductors lead April export surge with 46% increase

Semiconductors lead April export surge with 46% increase

Posted April. 12, 2024 07:54,   

Updated April. 12, 2024 07:54


During the first 10 days of April, exports increased by over 20% compared to last year. Nevertheless, the trade balance was $2 billion in deficit, primarily due to elevated global oil prices.

According to the Korea Customs Service on Thursday, exports totaled $16.4 billion in the first 10 days of this month, a 21.6 percent increase from the same period last year. Monthly exports have been on the rise for six consecutive months, from October of last year to last month, and this trend is continuing into this month.

Semiconductor exports, which comprise the largest share of total exports, led the overall export growth, jumping by 45.5% year-over-year. The second-largest category, automobile exports, also increased by 8.6%. Most major categories saw double-digit increases, including computer peripherals (84.7%), home appliances (71.7%), precision instruments (35.9%), and steel products (20.9%). On the other hand, ship exports, which are highly volatile depending on order demand, fell by 87.1%. By country, exports to the United States (37.4%) and China (20.8%) both grew by more than 20%. Exports to the U.S. outpaced exports to China for the second month in a row.

Overall imports totaled $18.4 billion, up 5.8% from a year ago. This resulted in a deficit of $2 billion in the trade balance.

세종=송혜미기자 1am@donga.com