South Korea's Exports Rise for Fourth Straight Month in January as Chip Sales Surge

tendata blogTrade Trends News

ten data blog01-02-2024

south korea's exports,south korea export,south korea export chip

South Korea's exports rose for a fourth straight month in January, with chip sales increasing the most in six years, trade data showed, boosting the export-dependent economy.

Exports from Asia's fourth-largest economy rose 18.0 percent year-on-year to $54.69 billion in January, compared with a 5.0 percent increase in December and a 17.8 percent rise in a Reuters poll of economists.

It was the biggest percentage increase since May 2022, helped by a favorable boost compared with a year ago, when there were fewer working days due to the Lunar New Year holiday.

South Korea's exports have been picking up since October after a year-long slump and are expected to improve further this year, becoming the main driver of economic growth.

Semiconductor exports rose 56.2 percent, the biggest increase since December 2017, for the third consecutive month, leading the rebound.

By destination, shipments to China rose 16.1%, ending 19 consecutive months of decline. Exports to the United States rose by 26.9%, the sixth consecutive monthly increase, while exports to the European Union increased by 5.2%.

Imports fell 7.8% in January, following a 10.8% decline in December, while economists had previously expected a 7.6% drop. It was the slowest since March 2023.

That left a preliminary trade surplus of $300 million for the month, after a surplus of $4.46 billion last month, the largest in three years.

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