SEOUL, Aug. 11 (Xinhua) -- South Korea's exports posted a double-digit increase for the first 10 days of this month thanks to demand for locally-made semiconductors and oil products, customs data showed Friday.
Exports, which account for about half of the economy, reached 12.4 billion U.S. dollars during the Aug. 1-10 period, up 28.2 percent from the same period of last year, according to the Korea Customs Service.
The exports continue to grow since November last year, keeping the double-digit expansion for seven months to July. If this trend continues, the exports would keep the upward momentum for the 10th consecutive month for the first time since 2011.
The daily average exports stood at 1.46 billion dollars for the first 10 days of this month, up 28.2 percent from the same period of last year.
By product, semiconductor exports surged 52.9 percent, leading the double-digit growth in overall exports. Exports for oil products soared 76.6 percent amid higher crude oil prices.
Ship exports gained 12.1 percent, but those for telecommunication devices, including smartphones, declined 17.2 percent as local companies increased production in overseas factories.
Exports to the United States jumped 45.8 percent in the cited period, with those to Vietnam, China, Japan and the European Union (EU) all recording a double-digit increase.
Imports picked up 14.5 percent to 14 billion dollars, sending the trade balance in the Aug. 1-10 period to a deficit of 1.6 billion dollars.
