S. Korea's exports soar 45.4% in April 1 to 20

South Korea's exports increased 45.4 percent on-year at $30.9 billion in the April 1-20 period $21 billion a year earlier as shipments of chips, autos and oil products remained solid, according to the data from the Korea Customs Service.

Imports also surged, but only 31.3 percent on-year to $33 billion, creating a trade deficit of $2 billion during the cited period.

Exports of memory chips advanced 38.2 percent on-year and those of autos jumped 54.9 percent. Semiconductors accounted for about 20 percent of exports by South Korean autos with making up around 7 percent.

Petroleum products exports soared 81.6 percent on-year with oil prices picking up amid an economic recovery.

Meanwhile, outbound shipments of telecommunication products gained 68 percent due to high demand triggered by remote learning and work.
Shipments to China rose 35.8 percent on-year, and those to the US gained 39.4 percent.

South Korea's exports, which account for half of the economy, surged 16.6 percent on-year in March, extending its gains for the fifth consecutive month.

Overseas shipments grew 12.7 percent on-year to $146.7 billion in the first quarter.