SEOUL, Feb. 1 (Xinhua) -- South Korean exports posted a double-digit growth in four years on the back of robust demand for semiconductors, a government report showed on Wednesday.
Exports, which account for about half of the export-driven economy, increased 11.2 percent from a year earlier to 40.3 billion U.S. dollars in January, according to the Ministry of Trade, Industry and Energy (MOTIE).
It marked the first double-digit expansion in overseas shipments since January 2013, keeping an upward trend for three straight months.
Despite less business days caused by the lunar New Year's holidays, the January exports topped expectations due mainly to demand for locally-made semiconductors, which led the fourth-quarter earnings of Samsung Electronics.
Chip exports logged the country's monthly high of 6.4 billion dollars in January as demand got stronger for chips used for smartphones amid higher memory chip prices.
The growth rate in chip exports accelerated from 1.7 percent in October 2016 to 11.6 percent in November, 22.4 percent in December and 41.6 percent in January this year respectively.
Petrochemical product exports reached 3.5 billion dollars last month, the biggest figure since December 2014. The production capabilities of petrochemicals increased as new facilities were launched amid higher product prices.
Exports in display panels jumped 20.8 percent, marking the fastest monthly increase in four years on higher prices of LCD panels and robust demand for OLED panels.
Demand for ships, consumer electronics, cars, textiles and telecommunication devices such as smartphones went down last month, restricting the exports' further increase.
Daily average exports jumped 16.4 percent in January from a year earlier, the highest growth in almost five and a half years. In terms of volume, the overseas shipments grew 5.2 percent, the highest since April last year.
By region, exports China, South Korea's biggest trading partner, advanced 13.5 percent, marking the double-digit expansion in three and a half years. Shipments to the European Union, Japan and Southeast Asian countries also gained ground last month.
Imports soared 18.6 percent over the year to 37.1 billion dollars in January, maintaining the upward momentum for the third consecutive month.
Trade surplus reached 3.2 billion dollars last month, staying in the black for 60 months in a row.
South Korea's exports showed signs of recovery, but concerns remained about external uncertainty following the launch of the new U.S. administration.
U.S. President Donald Trump has advocated a protectionist trade policy, indicating the need during his campaign to renegotiate the bilateral free trade deal with South Korea.
Global trade has yet to be fully recovered, casting a pall over the export-driven South Korean economy.
South Korean exports to the United States fell 1.8 percent in January from a year earlier, after sliding 2.3 percent in December.
Negative effect from the discontinuation of Samsung's Galaxy Note 7 continued as exports of telecommunication devices to the U.S. inched down 0.2 percent in January.
Imports from the U.S. advanced 16.5 percent, dragging down South Korea's trade surplus with the U.S. to 1.07 billion dollars in January from 1.71 billion dollars tallied a year earlier.
