(Yonhap)

According to Pulse by Maeil Business News Korea,

South Korean exports for early December 2024 saw a solid increase, bolstered by strong semiconductor shipments, according to data released Wednesday by the Korea Customs Service. Exports from December 1st to 10th totaled $17.6 billion, up 12.4 percent or $1.95 billion from the same period in 2023.

Daily average exports, adjusted for working days, rose 5.0 percent to $2.34 billion over the same period. This marks a continuation of export growth, which has been sustained for 14 consecutive months. However, the pace of growth has been slowing, with the year-on-year increase narrowing from 10.9 percent in August 2024 to 1.4 percent in November of that year.

By product category, semiconductor exports surged 43 percent, and computer peripherals saw a notable 53.6 percent jump. Semiconductors accounted for 20.6 percent of total exports during the period, up 4.4 percentage points from 2023.

Conversely, exports of passenger vehicles fell 8.6 percent, while shipments of petroleum products and wireless communication devices fell by 9.4 percent and 9.2 percent respectively.

Exports to major markets also displayed mixed results. Shipments to China rose 19 percent, the United States 19.4 percent, Vietnam 6.7 percent, and the European Union 10.3 percent. However, exports to Malaysia dropped sharply by 26.2 percent.

Imports for the first 10 days of December 2024 totaled $19.1 billion, up 11.6 percent compared to the same period last year. Key drivers included semiconductor imports, which surged 42 percent, and semiconductor manufacturing equipment, which soared 89.7 percent. In contrast, imports of crude oil and natural gas declined by 13.1 percent and 26.5 percent respectively.

The trade balance for the period posted a deficit of $1.55 billion.


By Pulse

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Source: Pulse by Maeil Business News Korea (December 11, 2024)