New Delhi [India], June 11 (ANI): South Korea’s exports witnessed a robust recovery in the first 10 days of June, climbing 5.4 percent year-on-year, according to the data released by the Korea Customs Service on Wednesday.
According to a report in the Korea Herald, this uptick marks a significant shift from May’s decline and is largely attributed to strong global demand for semiconductors and automobiles.
During the June 1-10 period, outbound shipments totalled USD 15.47 billion, a notable increase from USD 14.68 billion recorded a year earlier. The daily average volume of exports saw an even sharper rise, jumping 15 per cent on-year, despite fewer working days (5.5 days compared to 6 days last year).
Semiconductors emerged as a key growth driver, with exports surging 22 per cent to USD 3.62 billion, accounting for a substantial 23.5 per cent of the nation’s total outbound shipments.
The automotive sector also contributed significantly, with shipments rising 8.4 per cent to USD 1.3 billion. Shipbuilding experienced an impressive boom, skyrocketing 23.4 per cent to USD 896 million.
However, not all sectors shared in the growth, sales of petroleum products saw a decline of 20.5 per cent, falling to USD 1.11 billion.
In terms of destinations, exports to China, South Korea’s top trading partner, increased by 2.9 per cent to USD 3.06 billion. Shipments to the European Union spiked by 14.5 per cent to USD 1.5 billion, while exports to the United States also saw a modest rise of 3.9 per cent, reaching USD 2.95 billion.
Despite the positive start to June, the country remains cautious. An official from the customs agency noted that it “remains to be seen whether the upward trend in monthly exports will continue.”
This comes after a 1.3 percent drop in May’s exports, which snapped a three-month winning streak, partly due to US President Donald Trump’s tariff measures impacting shipments to the United States. The strong performance in early June provides a hopeful sign for the nation’s trade outlook amidst evolving global economic conditions. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
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