South Korea exports rose 18.8% in first 20 days of July

Seoul, South Korea's exports rose 18.8% on-year in the first 20 days of July, data showed on Monday, on the back of the robust performance of chips and cars. Outbound shipments reached $37.17 billion in July 1-20, compared with $31.2 billion tallied a year earlier, according to Yonhap. Imports grew 14.2% on-year to $37.2 billion during the period, resulting in a trade deficit of $50 million. Outbound shipments of semiconductors jumped 57.5% over the period to hit $6.7 billion. Exports of automobiles moved up 1.8% to reach $3.49 billion. Other major winners included petroleum and steel products, along with auto parts. Exports of mobile devices and ships shed 1.3% and 49.1%. By destination, exports to China, the top trading partner, soared 20.4% to $7.65 billion. Shipments to the US gained 13.4% to $6.53 billion, and those to the European Union added 3.3% to $3.7 billion. In June, exports rose 5.1% on-year to $57 billion, the ninth straight monthly gain, as chip exports surged 50.9% to reach an all-tim e monthly high. Source: Bahrain News Agency