S. Korea’s mid-August chip exports hit record $26bn

Outbound shipments totaled US$55.2 billion from August 1 to 20, marking the highest export value for the first 20 days of August on record, according to data from the Korea Customs Service. Imports also increased during the period, rising 19 percent from a year earlier to $41.2 billion. As a result, South Korea recorded a trade surplus of $14 billion for the 20-day period. The daily average value of exports climbed 61.5 percent year over year to $3.94 billion. Chip exports nearly tripled from a year earlier to $26 billion, reaching the highest level ever recorded for the first 20 days of August. Chips accounted for 47.2 percent of South Korea’s total exports during the period, up 22.5 percentage points from a year earlier. Shipments of petroleum products rose 56.4 percent to $4.23 billion, while steel exports increased 9.7 percent to $2.39 billion. Automobile exports, however, fell 45.1 percent year over year to $1.52 billion. Shipments to China more than doubled from a year earlier to $15.26 billion, while exports to the United States increased 59.4 percent to $7.97 billion. Cumulative exports through Thursday reached $650.2 billion, representing a 51 percent increase from the same period a year earlier.