(LEAD) Exports double in 1st 20 days of October on robust chip shipments

Seoul, Oct. 21 (Yonhap) -- South Korean exports soared more than double during the first two weeks of October, customs figures revealed on Wednesday, driven by strong shipments of semiconductors. The total value of outbound shipments reached $61.6 billion during the period from October 1 to 20, according to data from the Korea Customs Service.

This marked the highest value for the first 20 days of any October on record. The daily average export value for business days was $4.74 billion, also a record for any October up to that point. Imports increased by 42.8 percent year-on-year to $47.1 billion over the same period, resulting in a trade surplus of $14.5 billion. By sector, semiconductor exports jumped 222.5 percent to $27.5 billion, setting a new record for the 20-day October period and accounting for 44.7 percent of total exports, up 16.2 percentage points from a year ago.

Petroleum product exports rose 68.3 percent to $3.94 billion, while automotive exports increased 40.9 percent to $3.35 billion. Steel product exports climbed 42.6 percent to $2.58 billion. Exports to China jumped 154.4 percent to $16.6 billion, while shipments to the United States surged 154.9 percent to $10.7 billion. Exports to Vietnam and the European Union rose 74.6 percent and 78.2 percent, respectively.

Cumulative exports from January 1 through October 20 totaled $876.3 billion, a 59.5 percent increase from the same period a year earlier. The year-to-date total trade surplus stood at $266.9 billion.