Seoul (South Korea), November 1: South Korea's exports spiked 24 percent in October from a year earlier to reach the second-largest monthly figure, as demand for chips and petrochemical products remained strong amid a global economic recovery from the pandemic, the industry ministry said Monday.
Outbound shipments came to US$55.55 billion last month, compared with $44.9 billion a year earlier, marking the 12th straight month that the country's exports have extended gains, according to the data compiled by the Ministry of Trade, Industry and Energy.
The latest figure is just shy of the record monthly figure of $55.83 billion reported the previous month, and the highest for any October since 1956, when the country began compiling the data.
"Despite the unprecedented impact of the COVID-19 pandemic, exports have rebounded at a fast pace to lead the recovery and the growth of our economy. This year's yearly volume and amount of exports are expected to hit an all-time high," South Korea's Trade, Industry and Energy Minister Moon Sung-wook said.
He also vowed to extend support to continue the momentum, saying the ongoing global supply glut and energy crisis could serve as potential risks.
Imports surged 37.8 percent on-year to $53.86 billion, resulting in a trade surplus of $1.69 billion. It marked the 18th consecutive month that the country's exports exceeded imports, the ministry said.
Average daily exports stood at $2.65 billion in October, up 24 percent from a year earlier, the data showed.
The country's cumulative exports came to $523.2 billion in the first 10 months of the year, the highest to date. It already exceeded last year's total trade volume of $512.5 billion, according to the ministry.
On Oct. 26, the country's trade volume for this year reached the $1 trillion mark, making the yearly achievement at the fastest pace since 1956. It came 21 days earlier than the previous record, which was set on Nov. 16, 2018.
"Exports have logged a double-digit growth for the past eight months in a row. Strong global demand has led the economic recovery to the pre-pandemic level," the ministry said in a release.
By segment, shipments of semiconductors jumped 28.8 percent to $11.17 billion last month on upbeat sales of high-value memory chips and the growth in the exports volume.
Overseas sales of petrochemical products surged 68.5 percent to the all-time monthly high of $4.99 billion, aided by strong demand and rising oil prices.
Steel sales in overseas markets also advanced 48.6 percent to $3.37 billion last month thanks to high prices and solid demand from major economies. It logged the 10th consecutive increase, according to the data.
Shipments of displays, cellphones and other IT items also grew amid the recovery in global consumer confidence, and cosmetics and agricultural and maritime products also saw their sales rise in line with the ongoing popularity of the country's cultural content across the globe, the ministry said.
But exports of vehicles fell 4.7 percent to $3.83 billion due mainly to a global supply shortage of automotive chips and a high base effect.
By country, exports to China and the United States, South Korea's two largest trading partners, rose 24.9 percent and 22.9 percent, respectively.
Shipments to the European Union also went up 19.6 percent on solid demand for vehicles, and those to the ASEAN nations increased 29.2 percent on the back of upbeat sales of semiconductors, displays and petrochemical products.
Source: Yonhap