Exports rise for 4th month in Jan. on semiconductor recovery

Containers for exports and imports are stacked at a pier in Korea's largest port city of Busan, Nov. 21, 2022. Yonhap

Korea's exports moved up for the fourth consecutive month in January as exports of chips rose at the sharpest rate in around six years, data showed Thursday.

Outbound shipments advanced 18 percent on-year to $54.6 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

Imports fell 7.8 percent on-year to $54.3 billion last month, resulting in a trade surplus of $300 million.

Korea has been maintaining a monthly trade surplus since June 2023.

By sector, exports of chips shot up 56.2 percent on-year in January, growing for three consecutive months and marking the sharpest increase since the 64.9 percent rise tallied in December 2017.

Outbound shipments of automobiles also expanded for 19 consecutive months by increasing 24.8 percent to hit $6.2 billion, the highest for any January.

Other major winners included machinery, home appliances and display products, which rose 14.5 percent, 14.2 percent and 2.1 percent, respectively.

By destination, exports to China, the top trading partner for Asia's No. 4 economy, rose 16.1 percent on-year to $10.7 billion. It was the first on-year growth since a 1.3 percent rise posted in May 2022.

Shipments to the United States also expanded for six consecutive months to $10.2 billion, up 26.9 percent on-year.

Exports, a key economic growth engine for Korea, rebounded in October after 13 months of an on-year decline. (Yonhap)