South Korea January exports grow 11.4% on year; imports up 3.1%

SINGAPORE (ICIS)–South Korea’s exports in January grew by 11.4% year on year to $48.01bn, posting its third consecutive month of increases as the global economy recovers from a pandemic-induced slump.

Imports for the month increased by 3.1% to $44.05bn, data from the Ministry of Trade, Industry and Energy (MOTIE) showed.

Exports of semiconductors, automobiles, as well as petrochemicals increased in January.

By destination, overall exports to China posted a 22.0% growth in January, while those to the US surged by 46.1%, and shipments to the EU increased by 13.4%, “led by demand for automobiles”, the research firm said.

“We expect the export recovery to continue, supported by a pick-up in global growth amid a roll out of vaccinations, as well as structural demand for semiconductors due to 5G (fifth generation technology) deployment,” said Lloyd Chan, senior economic at research firm Oxford Economics, in a note.

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