Korea’s Exports Surge 17.3% in Early December Boosted by Semiconductor Demand

Seoul: The Republic of Korea's exports surged by 17.3 percent during the first 10 days of December compared to the same period last year, supported by strong global demand for semiconductors and an increase in working days. According to Emirates News Agency, outbound shipments amounted to US$20.58 billion from December 1 to December 10, a significant rise from the $17.54 billion recorded during the same timeframe the previous year. The data, obtained from the Korea Customs Service, highlighted that this is the largest figure ever recorded for any 10-day period. Imports during this period increased by 8 percent year-on-year, reaching $20.65 billion, resulting in a trade deficit of $70 million. The rise in overall exports was primarily driven by the strong demand for semiconductors. Semiconductor exports alone soared by 45.9 percent compared to a year earlier, totaling $5.27 billion. These chip exports constituted 25.6 percent of the country's total exports during the 10-day period, marking an increase of 5 percentage points from the previous year. In November, Korea's exports climbed by 8.4 percent year-on-year to $61.04 billion, the highest recorded for any November, also fueled by the robust demand for semiconductors. The accumulated exports for the January-November period reached a record high of $640.2 billion, raising expectations that Korea's annual exports might surpass the $700 billion mark for the first time in history this year.