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S.Korea's export logs double-digit growth for 6 months

South Korea's export logged a double-digit growth for the sixth consecutive month amid the continued recovery in global demand, a government report showed Wednesday.

Export, which accounts for about half of the export-driven economy, amounted to 53.23 billion U.S. dollars in August, up 34.9 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.

It was the biggest August reading, keeping a double-digit increase for six months since March. The shipment grew in double figures for 10 months since November last year.

The daily average export stood at 2.31 billion dollars, marking the highest August figure.

Import surged 44.0 percent over the year to 51.56 billion dollars in August, sending the trade surplus to 1.67 billion dollars. The trade balance stayed in black for 16 straight months.

Global demand for the country's 15 major export items all increased in double digits for the first time, the ministry said.

It was attributable to the global demand recovery from the COVID-19 pandemic shock amid the ongoing vaccination campaign across the world.

Semiconductor export surged 43.0 percent from a year earlier to 11.73 billion dollars in August, recording double-digit growth for five months in a row. It continued to surpass 10 billion dollars for four months amid robust demand for memory chips used for servers.

Petrochemical shipment spiked 81.5 percent to reach a new monthly high of 4.98 billion dollars on expensive global crude oil and stronger demand, caused by the global economic recovery.

General machinery shipment maintained a double-digit gain for five straight months to reach 4.07 billion dollars in August, thanks to the manufacturing and construction recovery in major economies.

Automotive export advanced 16.9 percent to 3.03 billion dollars, posting the third-highest August number on solid demand for environmentally-friendly vehicles and sport utility vehicle (SUV).

Computer shipment hit a record monthly high of 1.65 billion dollars last month, and those for secondary batteries, home appliances and mobile devices continued to grow for at least 10 months.

Shipment to South Korea's nine major export markets all increased for the fifth consecutive month.

Export to China, South Korea's biggest trading partner, soared 26.8 percent over the year to 13.87 billion dollars in August due to demand for chips, petrochemicals and premium smartphones.

Shipment to the United States and the European Union (EU) surged 38.1 percent and 41.6 percent each, continuing to expand for 12 straight months.

Shipment to the Association of Southeast Asian Nations (ASEAN) jumped 27.2 percent to 8.92 billion dollars owing to demand for chips, display panels and oil products.

Export to India and Japan spiked 53.5 percent and 44.0 percent each, and shipment to Central and South American countries kept an upward trend for the 10th straight month. 

Source:Xinhua  Editor:shijinyu

(Source_title:S.Korea's export logs double-digit growth for 6 months)

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