Exports rose 29.5% year-on-year in the first 20 days of June, according to data released by South Korea's Customs Office (Customs) on Monday. After adjusting for the calendar, the average daily export growth was 33.7%.
South Korea's overseas demand has expanded from memory chips to cars, smartphones and other consumer goods as vaccinations are accelerated and blockades relaxed around the world. Although the growth rate is down from 45.6% in may, the slowdown may be largely due to a high base in the same period last year.
The jump in exports shows that South Korea's economic recovery is on track and may support the view that the Bank of Korea is prepared to raise interest rates earlier than most developed countries.
By export destination, South Korea's exports to China, to the United States, to the European Union and to Japan increased by 7.9 per cent, 41.3 per cent, 48.8 per cent and 33 per cent respectively in the first 20 days of June.
By export category, automobile exports increased by 62.2 percent, petroleum products exports increased by 5836 percent, wireless communications equipment exports increased by 15.8 percent, and ship exports decreased by 27.7 percent.