South Korea’s exports rose 16.5% during first 10 days of May on strong chip sales

SEOUL: South Korea's exports rose 16.5 percent on-year in the first 10 days of May on robust global demand for semiconductors, data showed Monday. Outbound shipments reached US$16.81 billion in the April 1-10 period, compared with $14.43 billion tallied a year earlier, Yonhap News Agency reported, citing data from the Korea Customs Service. Per-day exports also advanced 16.5 percent on-year to $2.59 billion. Exports, a key economic growth engine, have been recovering since late last year after a yearlong downturn. In April, exports expanded 13.8 percent on-year to $56.2 billion, the seventh consecutive monthly gain, on the back of strong demand for semiconductors and vehicles. Imports fell 6.7 percent on-year to $17.4 billion during the May 1-10 period, resulting in a trade deficit of $600 million. Strong sales of semiconductors led the overall export growth. Chip exports jumped 52 percent to $3.01 billion during the 10 days of this month. Source: Emirates News Agency