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S. Korea's export grows for 9th month in June

SEOUL
2024-07-01 11:57

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SEOUL, July 1 (Xinhua) -- South Korea's export has grown for the ninth straight month due to robust demand for locally-made tech products, government data showed Monday.

Export, which accounts for about half of the export-driven economy, rose 5.1 percent over the year to 57.07 billion U.S. dollars in June, according to the Ministry of Trade, Industry and Energy.

The outbound shipment kept an upward trend since October last year. The daily average export gained 12.4 percent to 2.65 billion dollars last month.

Import shrank 7.5 percent from a year earlier to 49.07 billion dollars in June, sending the trade surplus to 8 billion dollars. The trade balance stayed in black for the 13th successive month since June last year.

Of the country's 15 major export items, six products saw an increase in outbound shipment.

Semiconductor shipment soared 50.9 percent over the year to reach a fresh monthly high of 13.42 billion dollars in June, maintaining an upward momentum for the eighth consecutive month.

The double-digit expansion was attributed to chip demand relevant to artificial intelligence (AI), demand for memory chips used in servers, and higher memory chip prices.

Display panel export advanced 26.1 percent to 1.76 billion dollars last month on the back of strong demand for flat screens used for cars and foldable smartphones.

Mobile device export climbed 3.9 percent to 1.06 billion dollars, while computer shipment jumped 58.8 percent to 1.15 billion dollars on higher price for solid state drive (SSD).

Shipment for oil products and petrochemicals expanded in single digits to 3.63 billion dollars and 3.72 billion dollars each amid the higher crude oil prices.

Dubai crude, South Korea's benchmark, averaged 82.6 dollars per barrel in June, up 10.1 percent compared to the same month of last year.

Automotive export fell 0.4 percent to 6.2 billion dollars owing to fewer business days, with auto parts shipment sliding in double figures.

General machinery shipment lost 8.1 percent to 4.11 billion dollars, and home appliances export dipped 0.3 percent to 660 million dollars.

Export for steel products and secondary batteries fell in double figures to 2.56 billion dollars and 740 million dollars, respectively.

Export to the United States swelled 14.7 percent over the year to 11.02 billion dollars in June, continuing to rise for the 11th consecutive month since August last year.

Shipment to the Association of Southeast Asian Nations (ASEAN) mounted 11.8 percent to 9.56 billion dollars, but export to the European Union (EU) dropped 18.2 percent to 5.06 billion dollars.

Export to Japan and Latin America went down to 2.38 billion dollars and 2.35 billion dollars each, but those to India and the Middle East went up to 1.55 billion dollars and 1.68 billion dollars respectively.

Regarding import items, the import of three major energy sources, including crude oil, natural gas and coal, added 0.4 percent over the year to 10.02 billion dollars in June.

Non-energy import declined 9.3 percent to 39.05 billion dollars in June compared with the same month of last year on lower demand for foreign cars and mobile phones.
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