S.Korea’s export posts double-digit growth in 1st 20 days of Feb

Seoul, Feb 22 (IANS) South Korea’s export posted a double-digit growth in the first 20 days of February owing to solid demand for tech products and automobiles, customs office data showed on Monday.

Export, which takes up about half of the export-driven economy, amounted to $30.4 billion from February 1-20, up 16.7 per cent from the same period of last year, according to the Korea Customs Service.

The daily average export, which excludes the working day effect, advanced 29.2 per cent in the 20-day period, Xinhua reported.

The double-digit increase was attributed to robust demand for tech products and cars.

Semiconductor export soared 27.5 per cent for the first 20 days of this month, and shipment for telecommunication devices such as smartphone jumped 33.6 percent. Automotive shipment surged 45.9 per cent.

Oil products shipment declined 5.7 per cent in the period, and export for computers and peripherals fell 4.8 per cent.

Export to China, South Korea’s biggest trading partner, picked up 32.7 per cent, and those to the United States, the European Union (EU) and Vietnam expanded in double figures.

Shipment to Japan grew 6.5 per cent in the 20-day period, but those to the Middle East and Singapore slumped in double digits.

Import surged 24.1 per cent from a year earlier to 31.6 billion dollars in the February 1-20 period, sending the trade deficit to 1.2 billion dollars.

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