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Korea’s exports up 14.8% in Mar 1-20, to extend double-digit growth

Collected: 2017.03.22

Distributed: 2017.03.23

Source: Go Direct

South Korea`s exports in the first 20 days of March reached $27.3 billion, up 14.8 percent and pointing to a second double-digit on-year growth after 20.2-percent jump in February, thanks to recovery in semiconductor and petrochemical shipments against poor year-ago period.

But faster imports growth would also narrow the trade surplus.

According to the Korea Customs Service on Tuesday, the nation’s exports that grew 19.3 percent in the first 10 days kept up steady increase during the following 10 days.

Daily shipments averaged $1.88 billion, up 14.8 percent from March in 2016 with the same number of workdays of 14.5.

By item, exports of petrochemical products soared 62.2 percent during the period followed by semiconductor with 42.5 percent jump. Automobile shipments added 0.9 percent. Exports of wireless devices plunged 29.4 percent and auto parts down 7.6 percent.

By nation, exports to Vietnam surged 43.5 percent, China by 16.4 percent, and Japan by 7.8 percent. Shipments to the European Union slipped 11.1 percent and the U.S. 6 percent.

The nation’s import reached $26.6 billion, up 29.4 percent over the same period, to deliver a trade surplus of $760 million.

By Kim Gyu-sik

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