June 26, 2022

The South Korean government on Tuesday reported the country’s exports to rise by 20 percent on-year in the first 20 days of December. The same has been attributed to solid demand for chips and petroleum products.

According to Korea Customs Service, the country’s outbound shipments in the Dec. 1-20 period stood at US$36.9 billion, compared with $30.7 billion a year earlier.

Summary on exports and imports –

• During the cited period, imports rose 42.1 percent on-year to $39.6 billion, resulting in a trade deficit of $2.66 billion.
• By sector, outbound shipments of memory chips rose 27.5 percent on-year.
• Exports by South Korea on semiconductors accounted for about 20 percent.
• As oil prices remained high amid the global economic recovery, the exports of petroleum products rose 88.8 percent.
• Meanwhile, amid a global shortage of automotive chips, shipments of autos declined 4.1 percent on-year. Automobiles are accounted for some 7 percent of the country’s exports.
• By country, South Korea’s largest trading partner China’s shipments rose 22.5 percent on-year, and those to the United States gained 19.4 percent.
• Exports in November, grew 32 percent on-year to a record high of $60.44 billion, this is extending their gains to the 13th straight month. Exports account for half of the economy.
• This year, the country’s exports are set to exceed $640 billion, hitting a record high. The government for next year has set the annual target of exports at around $660 billion.

The Bank of Koreas has forecasted the country’s economy to expand 4 percent this year and grow 3 percent next year. While the finance ministry expects the economy to grow 3.1 percent in 2022.

According to the data from the Korea Biotechnology Industry Organization and the trade ministry, output of the local bio industry was estimated at 17.5 trillion won (US$14.7 billion) last year, up 38.2 percent from the previous year.

Exports of bio products rose 53.1 percent on-year to slightly over 10 trillion won. This has been the largest on-year gain and marked the first time the country’s bio exports have passed the 10 trillion-won mark.