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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

Korea’s exports up 23% in Oct.

  • PUBLISHED :November 01, 2018 - 11:14
  • UPDATED :November 01, 2018 - 11:14
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[THE INVESTOR]
Korea’s exports rose in October compared with a year ago on upbeat sales of memory chips and petrochemical products, government data showed on Nov. 1.

Outbound shipments reached US$54.97 billion last month, a 22.7 percent surge from a year ago and the second-highest monthly figure since September 2017, according to the data compiled by the Ministry of Trade, Industry and Energy.  


Imports jumped 27.9 percent on-year to US$48.42 billion in October, resulting in a trade surplus of US$6.55 billion, the ministry said.

This marks 81 straight months in which the country’s exports have exceeded imports.

Shipments of semiconductors jumped 22.2 percent to US$11.59 billion last month on robust sales of high-value memory chips and storage devices in major markets.

Overseas sales of petroleum goods soared 42.9 percent to a record high of US$4.49 billion, aided by strong demand and rising oil prices.

Exports of general machinery vaulted 51.7 percent to US$4.99 billion, also an all-time high, thanks to large infrastructure projects in emerging economies.

In contrast, sales of displays fell 7.9 percent to US$2.29 billion over the period, affected by falling prices of liquid crystal display panels amid weak demand for TVs.

Shipments of wireless communication equipment dipped 18.2 percent to US$1.66 billion due to increased production in overseas factories and falling demand for new smartphones.

By country, exports to China, Korea’s top trading partner, rose a solid 17.7 percent on-year on the back of memory chips, petrochemicals and machinery products.

Sales in the US skyrocketed 47.8 percent, helped by strong demand for new SUVs, general machinery and wireless communication equipment.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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