April 26, 2024

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[THE INVESTOR] Korea’s exports of industrial materials and parts reached a record high in the first nine months of this year, data showed on Oct. 24.

Outbound shipments reached US$208.9 billion in the January-September period, up 12.5 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

The brisk performance was backed by record-high parts exports in the third quarter, which stood at US$74.7 billion.

Imports of parts and materials also gained 11.1 percent to US$125.4 billion over the period for a surplus of US$83.5 billion, marking the largest favorable balance in the sector, the ministry said.

Despite sluggish sales in vehicle and electrical parts, strong demand for electronics parts and chemical products pushed up overall outbound shipments this year.

Exports of electronics parts soared 27.7 percent on upbeat sales of semiconductors and hikes in the memory chip sales prices.

Outbound shipments of chemical products jumped 18.9 percent, as the global oil price rally boosted sales prices and local petrochemical companies expanded production.

By Alex lee and newswires (alexlee@heraldcorp.com)