S Korean exports grow as chips set annual record

South Korea's exports maintained their growth momentum, supported by strong semiconductor demand, easing concerns over global trade protectionism and tariff-related uncertainty that had weighed on the country for much of last year.

- HEESU LEE SOO-HYANG CHOI

The value of shipments adjusted for working-day differences increased 8.7% in December from a year earlier, according to data released yesterday by the trade ministry. That compared with a 13.3% gain initially reported for the full month of November.

Unadjusted exports rose 13.4%, and overall imports increased by 4.6%, resulting in a trade surplus of $12.2 billion.

The ongoing growth in exports offers some relief for South Korea after months of negotiations with the US over a trade deal. The agreement by the US to impose an across-the-board 15% tariff on Korean goods brought relief compared with higher duties imposed in the spring, though the level of taxation is still higher than in the period before Donald Trump began his second term as US president.