South Korea’s Ministry of Trade, Industry, and Energy has reportedly announced that the nation’s total exports increased on-year for the 12th consecutive month to $55.55 billion in October, reaching its second highest monthly figure.
Despite facing disruptions in global supply-chain, strong demand for petrochemical products and semiconductors across major markets led to a surge of 24% in overseas shipments compared to last year. Following September’s exports figure of $55.83 billion, the largest-ever, this month’s figure has marked 8th straight month of double-digit growth.
Increasing prices of computer and display products, as well as high value-added semiconductors, and rising demand has helped in maintaining the momentum for growth.
Exports of machinery climbed to 12.7% to over $4.39 billion, from last year while that of semiconductors rose to 28.8%, $11.17 billion. Meanwhile, steel exports jumped 48.6% to $3.37 billion, while petrochemicals exports soared 68.5% to more than $4.99 billion, with that of petroleum products going up 138.1% to approximately $3.92 billion.
Apparently, textiles, computers, home appliances, wireless telecommunication devices, as well as biohealth products have all seen double digit growth in their exports.
With the increasing global popularity of South Korea’s culture, termed as hallyu, exports of cosmetics, as well as agricultural and fisheries products also continued to grow.
Exports to the country’s four largest export markets; China, United States of America, the EU and the ASEAN saw double digit growth as well. Exports to China grew 24.9% to $14.39 billion, while exports to EU grew 19.6% to $5.09 billion. At the same time, exports to US and ASEAN saw a rise of 22.9% to $8.06 billion and 29.2% to $9.72 billion respectively.
Meanwhile, South Korea’s imports also grew on-year for the 11th consecutive month to $53.86 billion in October, 37.8% from a year ago, due to strong domestic demand for raw materials as well as intermediate goods.
Moreover, reports cite that the nation’s exports to India have also notably risen 29.9% to more than $1.4 billion.