The Republic of Korea (RoK)’s exports to 10 members of the Association of Southeast Asian nations (ASEAN) in the first half of 2018 gained 5.9 percent to 48.93 billion USD, making the bloc its second-largest export market.
Hanoi (VNA) –The Republic of Korea (RoK)’s exports to 10 members of the Association ofSoutheast Asian nations (ASEAN) in the first half of 2018 gained 5.9 percent to48.93 billion USD, making the bloc its second-largest export market.
Data released on August 23by the Korean Ministry of Trade, Industry and Energy showed that the country’sexports reached an all-time high in the reviewed period, led by upbeat sales ofmemory chips and petrochemical products.
The RoK’s outbound shipments reached 296.79 billion USD in the January-Juneperiod, up 6.3 percent from a year earlier.
Exports ofsemiconductors jumped 42.9 percent on-year to a record high of 61.27 billion USDin the first six months of the year on the back of high-value memory chips andstorage devices, propelling the overall growth.
Sales ofpetrochemical goods vaulted 34.3 percent to 22.01 billion USD thanks to a risein crude oil prices and strong demand in key markets, including China.
In contrast, auto exportsdeclined 5.6 percent to 20.28 billion USD due to sluggish performance in theNorth American market.
Overseas sales ofships tumbled 54.8 percent to 10.81 billion USD, hit by the protracted slump inthe global market.
According to the ministry,exports to China, the RoK’s top export market, rose 21 percent to 79.2 billionUSD, and those to the US increased 1.3 percent to 34.45 billion USD.
The ministry said aglobal economic recovery will help the country's outbound shipments but citedtrade disputes between the US and China, and the volatility in the globalfinancial market as potential risks.-VNA
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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ASEAN becomes RoK’s second-largest export market. (Photo: customstoday.com.pk)
