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Biz News Korea(Eng)

Korea’s exports up 4.5% in May 1-10, imports gain faster at 12.2%

Collected: 2017.05.11

Distributed: 2017.05.12

Source: Go Direct

South Korea’s exports kept up growth pace in May for the six month in a row - the longest winning streak in five years and a half - gaining 4.5 percent on year to reach $9.7 billion in the first 10 days, according the Korea Customs Service Thursday.

The 10-day growth against a year-ago period significantly slowed from double-digit gains in recent months due to fewer working days in the first week of May.

But daily shipment averaged $2.16 billion, up 27.7 percent from the same period last year.

Exports of petrochemicals rose a whopping 117.8 percent on year, and those of semiconductors up 43.0 percent. Shipments of automobiles and wireless communication devices tumbled 19.8 percent and 47.1 percent, respectively, from a year-ago period.

By nation, exports to Vietnam surged 61.7 percent, Japan 14.8 percent, and the European Union11.5 percent. Shipment to China also increased by 3.2 percent. Exports to the U.S., however, dropped 10.0 percent.

The nation’s imports reached $11.3 billion during the first 10 days in May, up 12.2 percent from a year-ago period, to deliver a trade deficit of $1.6 billion.

By Ko Jae-man

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