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Korea’s exports gain for four straight months in January

Collected: 2024.02.01

Distributed: 2024.02.02

Source: Go Direct

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[Photo by Yonhap]

South Korean exports rose nearly 20 percent in January, extending growth for a fourth straight month, thanks to strong demand for mainstay chips and increased shipments to China.

According to data released by the Ministry of Trade, Industry, and Energy on Thursday, the country’s outbound shipments reached $54.7 billion in January, up 18 percent from the same period a year ago.

It is the first time in 20 months for monthly exports to gain double digits.

Outbound shipments of chips rose for a third consecutive month in January, gaining 56.2 percent from a year ago. It is the highest increase in six years since December 2017.

Imports amounted to $54.39 billion in January, down 7.8 percent from the same month last year, resulting in a trade surplus of $300 million.

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