S.Korea’s export keeps double-digit growth for 1st 10 days of May

South Korea’s export kept a double-digit growth for the first 10 days of this month due to the continued recovery in global demand, customs office data showed Tuesday.

Export, which accounts for around half of the South Korean economy, amounted to 12.48 billion U.S. dollars during the May 1-10 period, up 81.2 percent from the same period of last year, according to Korea Customs Service.

The daily average export, which excludes the working-day effect, surged 64.7 percent in the 10-day period.

The outbound shipment jumped 41.1 percent in April on a yearly basis, continuing to expand for six straight months since November last year.

It indicated a global demand recovery from the economic turmoil, caused by the COVID-19 pandemic.

Export to China, South Korea’s biggest trading partner, soared 45.5 percent for the first 10 days of May, and those to the United States and the European Union (EU) more than doubled in the period.

Semiconductor export spiked 51.9 percent, and shipment of telecommunication devices such as smartphone nearly doubled. Export for automobiles and auto parts more than quadrupled in the 10-day period.

Import increased 51.5 percent over the year to 14.64 billion dollars in the May 1-10 period, sending the trade deficit to 2.16 billion dollars.

Import for automobiles and crude oil more than tripled, and semiconductor import expanded in double figures.

Import from the United States and the Middle East more than doubled in the 10-day period, and those from China and the EU gained in double digits.