Korea’s Exports Surge 6.8% in Early December Driven by Semiconductor Demand

Seoul: Korea's exports recorded a 6.8% increase year-on-year during the first 20 days of December, primarily fueled by robust global demand for semiconductors, as reported by the Korea Customs Service. During this period, outbound shipments amounted to US$43 billion, up from $40 billion tallied in the same timeframe last year, according to Yonhap News Agency. According to Emirates News Agency, this figure represents an all-time high for the period, surpassing the previous record set last year. Notably, chip exports soared by 41.8% year-on-year to $11.65 billion, making up 27.1% of the nation's total exports during the cited period. Conversely, car shipments saw a decline of 12.7%, totaling $3.25 billion, while petroleum exports slightly decreased by 1% to $2.63 billion. On the import side, there was a modest increase of 0.7% year-on-year, reaching $39.2 billion for the period, leading to a trade surplus of $3.8 billion. In the preceding month of November, exports experienced an 8.4% rise from the previous year, totaling $61 billion, marking the sixth consecutive month of growth, once again supported by strong semiconductor demand.