Exports up 60 pc in S. Korea on robust chip sales

Seoul, June 22 (IANS) South Korea’s exports jumped 60.4 per cent from a year earlier in the first 20 days of June, data showed on Monday, setting a new fresh high for the period amid robust shipments of semiconductors.

Outbound shipments reached US$62 billion in the June 1-20 period, compared with $38.6 billion tallied in the same period last year, according to the data from the Korea Customs Service, reports Yonhap news agency.

It marked the highest 20-day figure on record, surpassing the previous high of $54.3 billion posted in March this year.

Imports went up 23.2 percent on-year to $44.5 billion over the cited period, resulting in a trade surplus of $17 billion, the latest findings showed.

By sector, exports of chips nearly tripled to $25.5 billion amid soaring global demand for memory driven by the artificial intelligence (AI) industry.

Semiconductors accounted for 41.2 percent of total exports, up 18.3 percentage points from a year earlier.

Exports of automobiles and petroleum products also rose 2.3 per cent and 39 percent, respectively, to $3.73 billion and $3.67 billion.

Outbound shipments of auto parts, meanwhile, fell 9.5 per cent to $1.1 billion.

By destination, exports to China jumped 86.9 per cent to $13 billion, while those to the United States soared 53.9 per cent to $11.4 billion.

Shipments to Vietnam and the European Union increased 75.5 per cent and 13.6 per cent, respectively.

South Korea’s combined exports this year through Saturday came to $456.4 billion, up a sharp 45.6 per cent from the same period a year earlier.

Meanwhile, South Korean stocks traded higher late on Monday morning as an extended rally in semiconductor shares offset concerns over U.S.-Iran negotiations to end their months-long war.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 93.37 points, or 1.03 per cent, to 9,145.79 as of 11:20 a.m.

The index opened 1.08 per cent lower as investor sentiment was weighed down by overnight news reports that Washington-Tehran talks in Switzerland were halted after U.S. President Donald Trump threatened to strike Iran amid ongoing clashes between Israel and the Iranian-backed Hezbollah militant group.

However, strong gains in semiconductor-related shares supported the turnaround.

—IANS

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