Exports grow for 10th month in August on solid sales of chips, autos

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South Korea's exports have extended their gains to 10 months, jumping 35 percent on the back of robust demand for chips and automobiles, and underpinning recovery momentum in Asia's fourth-largest economy, data showed Wednesday.

Outbound shipments came to $53.2 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports climbed 44 percent to $51.5 billion, resulting in a trade surplus of $1.67 billion. It marked the 16th consecutive month for the country to post a trade surplus.

The August exports came in line with what the market had been expecting.

According to a poll by Yonhap Infomax, the financial arm of Yonhap News Agency, the country's August exports were expected to have risen 34.5 percent on-year.

The cumulative exports in the first eight months came to $411.9 billion.

Chips led the overall gains, advancing 43 percent over the period to reach $11.7 billion.

Overseas sales of automobiles moved up 17 percent on-year to hit $3 billion in August, and those of auto parts jumped 22.4 percent to $1.58 billion over the cited period.

Exports of petrochemical products soared 81.5 percent to $4.9 billion, according to the ministry.

By destination, exports to China reached $13.8 billion by advancing 26.8 percent on-year in August.

Shipments to the United States came to $7.71 billion, up 38 percent from the previous month.

Last week, South Korea's central bank kept this year's economic growth outlook at 4 percent, citing strong outbound shipments.

The country's economy shrank 0.9 percent in 2020.

The ministry, meanwhile, said the spread of the more transmissible strains of COVID-19, including the delta variant, may weigh down on exports for the remainder of 2021, coupled with the hike in global shipping costs. (Yonhap)