SEOUL: South Korea’s exports showed signs of improvement in June after longest-ever losing streak that took toll on the export-driven economy and industrial activity. According to Korea Customs Service on Sunday, the country’s outbound shipments amounted to $13.9 billion in the first 10 days of June, up 5.7 percent from the same period last year. It is the second straight monthly increase in the first 10 days, raising prospects that Korea may see an end to 17-month-long on-year export decline in June.
Exports in the first 10 days of June were mainly led by robust shipment of auto components that rose 14.1 percent from a year ago. In particular, shipments to the United States jumped 38.7 percent and 75.3 percent to Mexico. On-year shipment of transceiver equipment also surged 40.8 percent in the June 1-10 period thanks to strong demand in Vietnam. Recovery in oil prices also raises hope for petrochemical trade.
Joo Hyung-hwan, minister of trade, industry and energy, said in a recent press conference that overall export conditions are improving and that the average daily export amount has reached up to $1.85 billion with sharp increase in online demand of consumer goods.
