Korea's Early December Exports Rise 17.3% on Strong Semiconductor Shipments

South Korea's exports got off to a solid start in early December, posting double-digit growth driven by continued strength in semiconductor shipments.

Exports totaled $20.6 billion during the first 10 days of December, up 17.3% from a year earlier, according to data released by the Korea Customs Service on Wednesday. This marks the highest export value on record for the first 10 days of any month. The daily average export value, adjusted for working days, rose 3.5% to $2.42 billion.

By product category, semiconductors led the gains with a 45.9% increase, followed by petroleum products (23.1%) and wireless communication devices (25.1%). Semiconductors accounted for 25.6% of total exports, up 5.0 percentage points from a year earlier. However, passenger car exports fell 5.7% and ship exports dropped 47.7%.

By destination, exports to China rose 12.9%, Vietnam surged 35.8%, the European Union increased 2.6%, and Taiwan gained 15.2%. Exports to the United States declined 3.2% despite the recent agreement on tariff negotiation details between Seoul and Washington.

Imports during the same period totaled $20.6 billion, up 8.0% from a year earlier. The trade balance recorded a deficit of $700 million.