The Korea Herald

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EU says T'way Air's commitments in Korean Air-Asiana merger fulfilled; final approval yet pending

By Yonhap

Published : Nov. 21, 2024 - 10:07

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Planes of Korean Air Co. and Asiana Airlines Inc. are seen on the tarmac at Incheon International Airport, west of Seoul. (Newsis) Planes of Korean Air Co. and Asiana Airlines Inc. are seen on the tarmac at Incheon International Airport, west of Seoul. (Newsis)

South Korea's exports increased 5.8 percent on-year in the first 20 days of this month, driven primarily by strong global demand for semiconductors and ships, data showed Thursday.

Outbound shipments reached $35.6 billion in the Nov. 1-20 period, compared with $33.8 billion tallied a year earlier, according to the data from the Korea Customs Service.

Imports shed 1 percent on-year to $34.8 billion during the period, resulting in a trade surplus of $800 million, the data showed.

In October, exports rose 4.6 percent on-year to $57.5 billion, the 13th straight monthly gain, government data showed.

Exports of semiconductors surged 42.5 percent on-year to $7.71 billion in the first 20 days of the month.

Semiconductor exports accounted for 21.6 percent of the country's total exports during the cited period, up 5.6 percentage points from a year earlier amid an industry cycle upturn.

Ship sales spiked 77.1 percent from a year earlier to $1.13 billion, and outbound shipments of steel products increased 11.1 percent on-year to $2.48 billion.

However, auto exports sank 17.7 percent on-year to $3.01 billion, and those of automotive parts inched down 0.3 percent to $1.14 billion. Exports of petroleum products also shed 10.4 percent on-year to $2.66 billion.

"Exports up to Nov. 20 have increased compared to the same period last year, bolstered by a strong performance across key sectors like semiconductors, ships and steel," said Cho Ik-no, an industry ministry official, adding that the country is expected to maintain its 14-month streak of export growth and 18-month trade surplus in November.

By nation, shipments to China went up 3.5 percent on-year to $7.47 billion, while exports to the United States went down 2.5 percent to $6.42 billion.

Exports to Vietnam surged 16.3 percent on-year to $3.61 billion, and those to the European Union increased 7.5 percent to $3.41 billion.

Shipments to Japan inched down 0.6 percent to $1.59 billion, while exports to Taiwan skyrocketed 96.9 percent to $1.98 billion. (Yonhap)