South Korean exports set to reach all-time high this year, with record sales in September-August

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South Korea recorded $ 55.55 billion in exports in October, marking the country’s second-highest monthly result after September on strong global demand for chips, consumer electronics and petrochemicals.

Exports rose 24% last month from a year ago, according to data released Monday by the Ministry of Trade, Industry and Energy. This figure is the second highest since $ 55.8 billion recorded in September and the highest for October.

That brings the country’s exports from January to October to $ 523.2 billion, already surpassing last year’s annual figure of $ 512.5 billion. It was the first time the country’s cumulative exports in the first 10 months exceeded $ 500 billion since January-October 2018.

Korea’s monthly exports have exceeded $ 50 billion since March.

The government is confident that annual exports will reach an all-time high, breaking the 2018 record of $ 604.9 billion.

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Imports amounted to $ 53.86 billion in October, up 37.8%.

The trade balance posted a surplus of $ 1.69 billion, maintaining a profit for 18 consecutive months.

Of the country’s top 15 export products, all except automobiles and parts posted solid growth. Exports of 10 categories, including semiconductor chips, petrochemicals and bio / health products, increased by double digits. Exports of automobiles and parts fell slightly due to the global shortage of automotive chips.

Korea’s exports to all major trading partners have increased. In particular, the country saw double-digit growth in exports to the four main markets – China, the United States, the European Union and the Association of Southeast Asian Nations. Exports to the four markets are responsible for more than half of the country’s total outbound shipments.

Exports to other regions also increased for the seventh consecutive month or more.

By Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]


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