South Korea’s export kept a double-digit growth for two straight months owing to robust demand for tech products, a government report showed. Export, which accounts for about half of the export-driven economy, advanced 11.4 percent over the year to 48.01 billion U.S. dollars in January after expanding 12.6 percent in the previous month, according to the Ministry of Trade, Industry and Energy. The outbound shipment rebounded 4.0 percent in November, after sliding 3.8 percent in October. The daily average export rose 6.4 percent from a year earlier to 2.13 billion dollars in January, surpassing 2.1 billion dollars for the first time in the first month of the year.
Import added 3.1 percent to 44.05 billion dollars, sending the January trade surplus to 3.96 billion dollars. The trade balance stayed in black for nine months in a row. Among 15 major export items, the shipment of 12 products gained ground on a partial recovery in global demand. Export for more than 10 items advanced for three straight months. Demand for tech products mounted as the COVID-19 pandemic encouraged people to work from home and attend online classes. Semiconductor shipment jumped 21.7 percent in January from a year earlier, keeping a double-digit growth for the fifth consecutive month. Export for telecommunication devices, such as smartphone, skyrocketed 58.0 percent, marking the highest increase in almost 17 years on solid demand from China and the United States. Display panel shipment soared 32.2 percent, posting the fastest rise in nearly 11 years on demand for panels used in smartphones, while consumer electronics export continued to grow in double digits for six months running.
Computer export kept increasing for 16 straight months, and petrochemicals shipment marked the first rebound in 26 months. Automotive shipment jumped 40.2 percent in January on demand for sport utility vehicle (SUV) and environmentally-friendly vehicle especially from the United States and the European Union (EU). Steel export rose 6.0 percent amid signs of global economic recovery, and auto parts shipment was up for the third consecutive month. Oil product shipment tumbled in double digits on the back of cheaper crude oil, and exports for general machinery and textile products declined in single figures last month.
Export in the healthcare sector continued to expand for 17 straight months on strong demand for COVID-19 testing kits from the EU and the Association of Southeast Asian Nations (ASEAN). Secondary battery shipment kept growing for the fifth consecutive month amid the emerging global electric vehicle market. Export to China, South Korea’s biggest trading partner, jumped 22.0 percent in January from a year earlier, keeping an upward momentum for the third straight month. Shipments to the United States and the EU surged 46.1 percent and 23.9 percent respectively, continuing to go up for five months in a row.