Korea exports jump 43.7% on chip demand

Seoul [South Korea], May 12: Korea's exports jumped 43.7 percent from a year earlier in the first 10 days of May, driven by strong overseas demand for semiconductors, data showed Monday.
Outbound shipments reached $18.4 billion in the May 1-10 period, compared with $12.8 billion tallied in the same period last year, according to the data from the Korea Customs Service.
It marked the country's largest exports recorded for the cited period, according to the agency. Imports went up 14.9 percent year-on-year to $16.7 billion over the cited period, resulting in a trade surplus of $1.7 billion, the latest data showed.
Per-day exports also surged 43.7 percent year-on-year to $3.69 billion, the findings showed. The number of working days totaled five, unchanged from the same period last year.
By item, exports of semiconductors surged 149.8 percent year-on-year to a record high of $8.54 billion on a continued increase in memory chip prices fueled by high demand for artificial intelligence servers.
The figure marked the highest amount ever recorded for the first 10 days of May.
Chip exports accounted for 46.3 percent of the country's total exports over the cited period, up 19.7 percentage points from the same period last year. Exports of computer products jumped 382.8 percent to $1.14 billion.In contrast, auto exports went down 26 percent year-on-year to $830 million.
By destination, exports to China, South Korea's top trading partner, soared 81.8 percent on-year to $5.09 billion.
Shipments to the United States went up 17.9 percent to $2.34 billion despite the tariff scheme by US President Donald Trump's administration, the data showed.
Source: Qatar Tribune