(LEAD) Exports spike 40 pct in June, extend growth to 8th month

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By Kang Yoon-seung

SEOUL, July 1 (Yonhap) — South Korea’s exports jumped 39.7 percent on-year in June to extend their gains to an eighth consecutive month on the back of a recovery in global business activities, which led to stronger demand for chips and automobiles, data showed Thursday.

Outbound shipments came to US$54.8 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports climbed 40.7 percent to $50.3 billion, resulting in a trade surplus of $4.44 billion. It marked the 14th consecutive month for the country to post a trade surplus.

The June exports were better than what the market had been expecting.

According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country’s June exports were expected to have risen 35.7 percent on-year.

By segment, exports of chips came to $11.1 billion, soaring 34.4 percent on-year. It marked the second consecutive month for the volume to exceed the $10 billion threshold.

Outbound shipments of automobiles also soared 62.5 percent to reach $4 billion, as global demand returned to the pre-pandemic levels. Sales of auto parts more than doubled over the period to reach $1.96 billion.

By destination, exports to China moved up 14.3 percent to $13 billion, and those to the United States spiked 51.9 percent to $8.71 billion.

Over the first six months of 2021, South Korea’s exports increased 26.1 percent to $303 billion, setting a new record for any first-half period.

Earlier this week, South Korea’s finance ministry sharply raised its 2021 growth outlook for the country’s economy amid robust exports and reviving consumption.

The government forecast Asia’s fourth-largest economy to expand 4.2 percent this year, up from its December estimate of 3.2 percent.

colin@yna.co.kr
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