Business News Asia
The South Korean Customs Service (KCS) said today that South Korea’s exports, which account for half of the country’s economy, rose 13.1% to $34.3 billion in the first 20 days of February. Rising demand in the global market, which continues to recover after the impact of Covid-19, was the main reason for this.
Exports of petroleum products increased by more than 56% in the first 20 days of February. While exports of semiconductors and motor vehicles rose by double digits, shipments of cell phones fell by 17.7%, and exports of motor vehicle parts by 11%.
Exports to China, South Korea’s largest trading partner, rose 12.4% in the first 20 days of February.
Exports to the USA and the European Union (EU) increased in single digits. Exports to Vietnam increased by 22.4% in this period.
Imports rose 12.9% year-on-year to $36 billion in the first 20 days of February, widening South Korea’s trade deficit to $1.7 billion.
Crude oil imports rose 54.8%, but natural gas imports fell 13.3%, while imports of chips and motor vehicles rose by double digits during the period.