Korea's exports up 9.5 per cent during the first 10 days of July

The Republic of Korea's exports gained 9.5 per cent from a year earlier in the first 10 days of July, data showed Friday.

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Outbound shipments reached $19.4 billion in the 1st to 10th July period, compared with $17.72 billion tallied a year earlier, according to the data from the Korea Customs Service.

The daily average volume of exports advanced 9.5 per cent on-year to $2.28 billion. Imports went up 1.8 per cent on-year to $19.99 billion over the cited period, resulting in a trade deficit of $594 million, the data showed.

The rise in exports was driven by strong demand for semiconductors and automobiles.

Exports of chips climbed 12.8 per cent from a year earlier to $3.83 billion. Semiconductor exports accounted for 19.7 per cent of the country’s total exports in the 10-day period, up 0.6 percentage point from the same period last year.

Automobile exports jumped 13.3 per cent on-year to $1.8 billion, while shipments of vessels spiked 134.9 per cent to $889 million.

Exports of steel products added 4.1 per cent to $1.29 billion, while those of petrochemical products shed 1.9 per cent to $1.39 billion.

By destination, exports to China, Korea's top trading partner, went up 6.2 per cent to $3.74 billion. Exports to the United States also increased 6.1 per cent on-year to $3.43 billion despite Washington's new tariff measures. Shipments to the European Union and Vietnam rose 3.6 per cent and 2.2 per cent on-year, respectively.