Seoul, July 13 (IANS) South Korea’s exports jumped 53.9 per cent from a year earlier in the first 10 days of July, data showed on Monday, on the back of strong outbound shipments of semiconductor products.

Outbound shipments reached US$29.8 billion in the July 1-10 period, compared with $19.3 billion tallied in the same period last year, according to the data from the Korea Customs Service, reports Yonhap news agency.

It marked the highest figure for any 10-day period compiled by the customs agency. The previous record was $28.6 billion, posted in June.

Imports went up 17.4 percent on-year to $23.5 billion over the cited period, resulting in a trade surplus of $6.4 billion, the latest findings showed.

By sector, exports of semiconductors nearly tripled to $11.2 billion, while those of automobiles rose 5.7 percent to $1.89 billion.

Outbound shipments of petroleum products and ships advanced 22.7 percent and 75.1 percent, respectively, to $1.75 billion and $1.54 billion.

By destination, exports to China surged 88.7 percent to $7 billion, while those to the United States rose 43.2 percent to $4.91 billion.

As of Friday, cumulative exports this year totalled $526.1 billion, up 48.6 percent from a year earlier. The trade surplus over the period reached $144 billion.

Meanwhile, the South Korean central bank said the global semiconductor market remains undersupplied and the current AI-driven supercycle is expected to continue for some time, dismissing investors’ concerns that the chip cycle has already peaked.

“While semiconductor demand has surged significantly due to investments in artificial intelligence (AI) infrastructure, the pace of supply expansion has been slow,” the Bank of Korea (BOK) said in a report submitted to Rep. Park Sung-hoon, adding that the semiconductor cycle has yet to slow.

The BOK said the current chip cycle differs from previous ones because it is being driven by competitive corporate investment in anticipation of fundamental changes to the industrial ecosystem brought about by the spread of AI.

—IANS

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