After 12th straight month of losing streak, South Korean exports front raised hopes for a recovery, with outbound shipments in the first 10 days in December adding 7.7 percent from the same period a year earlier as robust demand for automobiles and mobile devices helped to offset plunges in chip exports.
According to data released by the Korea Customs Service on Wednesday, the nation’s outbound shipments from December 1 to 10 totaled $12.9 billion, up 7.7 percent from the previous year. Daily exports gained 0.5 percent on year based on 0.5-day gain in working days from a year ago.
Exports of auto parts jumped 21.8 percent on year during the Dec.1-10 period, with automobile exports up 10.9 percent and wireless devices 18 percent. On the other hand, overseas shipments of semiconductors shrank 23.4 percent and display devices plunged 52.1 percent.
By country, shipments to China gained 6.1 percent, the U.S. 3.2 percent, the European Union 21.8 percent, Vietnam 2.9 percent and the Middle East 102.4 percent, while exports to Japan tumbled 7.2 percent and Singapore 7.2 percent.
The country’s imports in the first 10 days this month also added 8 percent on year to $14.3 billion, leading to a trade deficit of $1.44 billion.
Imports of crude oil grew 29.9 percent, machinery 28.8 percent, petroleum products 43.2 percent and precision machinery 12.3 percent. Gas imports, on the other hand, went down 6.8 percent and automobiles 22 percent.
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